The 2 US Markets That Matter The Most...Are Coiling Up - Part 2
In early March, I wrote a post about the Dow and S & P 500 were both coiling up, but this time in many years, these markets were forming supply aka selling zones. Since that time, both markets broke to the down side.
S & P 500
Price is currently sitting in daily demand, so I expect a bounce. However, on the way down, price formed another daily supply zone at 2750. I anticipate pricing bouncing to up to at least 2700, before eventually breaching the daily demand zone. However, I think the 200 EMA at 2600 will serve as support. But my long term view is still to the downside to test the weekly and monthly demand zone.
DOW
After price dropped more than 700 point yesterday, I anticipate price retesting the new daily supply level at 24800 before resuming down to retest the Feb. low.
- Once we breach the Monthly Demand level, I will purchase S & P 500 Leap Options going out 3 years at the 1800 level and 1600 level.
- I will also purchase SH, ProShares Short S&P 500 which is an inverse ETF once it breaks the 21 EMA on the monthly chart.
- I will also purchase DOG, ProShares Short Dow 30 which is an inverse ETF once it breaks the 21 EMA on the monthly chart.
NOTE: An inverse ETF is an exchange-traded fund (ETF) constructed by using various derivatives for the purpose of profiting from a decline in the value of an underlying benchmark.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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