Excuses Excuses Excuses! Possible bearish scenario for US index

12. Feb. 2022

Thanks to everyone that has been supporting my ideas so far. I keep positive about the short position on Tesla Inc. I had mentioned earlier this week, while the look out on Apple might change (probable short). Anyway, yesterday, the S&P 500 has closed the week down 2% to close below the 200 MA. It has not only created a double top, breaking down on higb volume, but it has also been unable to break the resistance level, which might point at a dead cat bounce. So, I believe the major correction we have been waiting for since the beginning of Covid for this "overvalued" market may be starting, for one reason or the other, whether Russian threats or hedge funds and CEOs liquidating their long positions. In fact, I believe the FED might be more involved in this "crash" than we think where they are interested in actively crashing using Russian-Ukraine escalations as possible excuses, I will explain my idea later on in another post appropriately titled.
However, consider that if price is able to recover and be supported above the 200 MA and break the most recent high (4585), then there may be a change of sentiment and this idea would be irrelevant. For now, I would keep short and wait for another correction. GET THE CASH READY.
NOT FINANCIAL ADVICE!