Up to 3% discount for SPX 500
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It's the first year of the Chinese New Year. Gong Xi Fa Cai to all my Chinese followers and traders!
The US stock indices were hit last Friday following more bad news about China coronavirus and the constant update that I am receiving seems to getting from bad to worse.
Before we let our emotions run wild, let's examine closer on the chart.
The SPX500 after hitting a peak of 3340 decides to take a break and broke down from the bullish trend line. Next week , when market opens, I expect it to continue to fall further. There are 3 levels of support it can revisit .
1. 3279.6
2. 3261.2
3. 3242.5
Where would it falls to ? I have no idea but we can use the trend line as a guide. When the price action breaks out from the bearish trend line (more accurate when candles start to form next week). I believe it should be level 2 or 3 since level 1 is the closest to be taken out.
Trade safely, always use a SL an apply appropriate risk and capital management. GBU.
The US stock indices were hit last Friday following more bad news about China coronavirus and the constant update that I am receiving seems to getting from bad to worse.
Before we let our emotions run wild, let's examine closer on the chart.
The SPX500 after hitting a peak of 3340 decides to take a break and broke down from the bullish trend line. Next week , when market opens, I expect it to continue to fall further. There are 3 levels of support it can revisit .
1. 3279.6
2. 3261.2
3. 3242.5
Where would it falls to ? I have no idea but we can use the trend line as a guide. When the price action breaks out from the bearish trend line (more accurate when candles start to form next week). I believe it should be level 2 or 3 since level 1 is the closest to be taken out.
Trade safely, always use a SL an apply appropriate risk and capital management. GBU.
Anmerkung
Congrats to those who shorted. All 3 targets have been hit nicely !3242.50 seems well supported for now, let's take a small nibble and test the water.
Anmerkung
Praise Lord, congrats to those who followed.Anmerkung
One can see quite clearly from the chart that SPX 500 is stuck in a range mode between 3242 to 3298 level. So, for those who wish to short, they can aim for 3242 once more
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