Oh c'mon SPX, can't even reach the 5 year trend line before reversal this time?
This is super bearish guys. Perfect double top setup and validation for the ensuing crash.
Breaking the red diagonal line should cause further drop and breaking the green horizontal line should cause a more significant drop leading into the crash.
@ProfitHarvest ...seems like the worm is turning. My UVXY leveraged VIX just went OFF over the last hour. Big move coming to the downside, me thinks.
ProfitHarvest
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@Imdmagic1, Oh yea, UVXY and FAZ sittin pretty right now B).
horacejunior
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I’m skeptical but you are welcome for the bear capitulation that clearly got this going ;) closed all my puts this morning, bought stocks, strangled them with puts at the top and miraculously hopped out of the stocks when it got ugly. Ridiculous
DJI is also having a lot of trouble breaking 200 MA. Seems to be offering a ceiling since 6/11.
ProfitHarvest
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@stealthy1234, Yep, check out my call on June 7th...
Still in No Man's Land! Still gets crushed above that green line like clockwork.
dogchasingcogChasingCars
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@ProfitHarvest, Hi, how did you decide where to draw the green line? Thanks
ProfitHarvest
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@Luke8111, it’s a megaphone structure. Purple lines are long term trends.
dogchasingcogChasingCars
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@ProfitHarvest, ok thanks, I can see it more clearly now. Btw, what do you think about what some are saying, that S&P and Dow30 outperforming Nasdaq yesterday and today, means sector rotation by big players, but still not enough evidence that another big leg down has begun? Could they have apoint? Thanks again, great stuff you're posting!!
ProfitHarvest
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@Luke8111, Bulls aren't going down without a fight for sure. Let data and fundamentals speak the truth.