SPX Weekly Outlook: Very BEARISH
Well folks this is another Weekly Outlook of the closing print of the US Market. Nothing has changed from my current Bearishness going forward, in fact it has become more bearish. The weekly chart below with the massive engulfing candle from a week ago was followed by another sell candle that was well off the highs.
The sellers are in firm control and you have your levels that say you should be completely out or short. The 2810 level is not even close to being tested and that is the ultimate line in the sand for me. The 200 day moving average is at 2760 and we close on Friday at 2600. This folks is a very bearish market and you should look elsewhere for active longs. Check out this chart below...
The top has been formed and there are massive distribution days occurring. The February lows are not going to hold in my opinion and then you have everyone trapped above. With downside risk to DOW 20000-22000. This is not good for the intermediate future. Stay nimble!
Published by Hey I'm Snuffles
on
Yeah pretty annoyed I didn't get an opportunity to get on another short. Gapped lower friday and kept going....I don't short gap downs.
Shorting gap downs is playing with gasoline and striking matches.
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