This is rather significant. We can detect that blue chips are now trending down, with possibly drastic implications for the market. If not short, you might look into taking an entry in SPY or DIA, or index CFDs like this one, risking a 3 daily ATR rally above current prices. The weekly low has been, we can also place stops above the recent highest high. I'm looking to short FB depending on the price action in the daily as well. I'll publish it when ready. I detail the reccomended setup on this chart (the 3 atr stop loss entry, the weekly short triggered last earlier). We are already short SPX500 from around 2173 and holding for more downside, it's just interesting to observe large caps underperforming the market, and underperforming the equal weighted S&P500 index (RSP ticker).
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/ We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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If that isn't a top then I don't know what it is...
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Still below the daily mode here, unlike SPY which is a bit more bullish. News might send it down today: 1h 8m USD Baker Hughes US Oil Rig Count 4h 8m EUR Bank Stress Test Info If not it'll take until NFP is out and it'd be wiser to bail from shorts until then.
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Pretty confirmed at this point.
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Check my new SPY post for my current view. This idea is not valid anymore.
It's about time, this thing is long overdue for a crash. However, beware of plunge protection teams, helicopter money, QEs and other desperate things of the sort. Remember, the democrats are just not going to let the economy crash until after the elections as it would destroy Obama's rainbows and unicorns fantasy
IvanLabrie
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Indeed, but I think they might not manage to do it this time...perhaps they come and rescue it after the drop, but it looks like we'll go down asap.
edmunch
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I am looking forward to the daily price action. Shouldn´t there be a retest at some point in the next days??
ahmetnmsl
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Are you short on DJIA ?
IvanLabrie
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Hi, no, currently long and short a few equities, and long SPY. Check my last post for updates.
Cheers!
Batman-oz
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Hi Ivan, Thanks for a very good idea. On my platform i have US500 and US30, clicking between both there is not much difference between them.
Your thoughts please on using either one or the other??
Many thanks Anthony
IvanLabrie
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You can short either of them. Check the other posts of mine.
JohnKer
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What is the indicator your using on the very bottom of your chart(s)? Thank you in advance,
IvanLabrie
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Hi, sorry for the delay. Click the + icon on the publication's chart to see indicator names.