I’m expecting the Philippines and the rest of the world to consolidate into a box. From a weekly perspective – SPX 500 stopped at 2120.7 intraday high last week and fell down. This week it also followed through the downturn and went as low as 2063.6.
In the short term, you’re better off siding with the bears this week.
In what can be assumed as a large trading box pattern with a range resistance at the 2110 above zones, you can largely assume many traders are on a risk-off mode in equities.
I’m betting we’ll retest the May 15 2016 low point of 2025 this month or on July so take some profits off your stocks.
SPX is a box. We are at the top end of the range and I believe we’re seeing a distribution at this area. Best to be safe than sorry. We use rallies as selling opportunities.
Keep selling SPX. Don’t hold back. Use rallies to keep on selling S&P 500. You’ve got tons of reward at 2030. Just place a stoploss at 2110
Looking further at the hourly chart shows us plenty of breakdowns to confirm our bearish views. Just keep selling and selling SPX. Don’t hold back.
Here’s to hoping we get our sell limit orders done. None of our stoplosses hit and mostly rewards for the week.
Have a good trading time.
- Faceless Trader