S&P is nail biting... at least to me

in spx •  7 days ago

I currently have a setup on the S&P that is short.

It was looking very good for a few days but the market has turned around quite a bit and almost stopped me out.

At this point I don't like my chances, this run looks rather bullish overall.

Not every bet is going to work, i was briefly thinking of closing my position when the reversal hammer was forming, but decided to stick with the original plan.

IF the S&P closes above 2830 I am going to turn into a stock market bull.

s&p.JPG

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I think the resistance level at around 2810-2820 was to obvious for many traders to take profits and really appealing for Shorts to open up a new position. But after a V-Shape recovery over the last weeks the bulls are still in control and will be so, until they run into a Bull trap.
I could imagine a run up over the resistance level with further way up to go around 2850-2880 and when that "Buy Signal" hits, and shorties like you turn bullish, than I would go short if we see a reversal candle forming in this area.
I don't expect to see new all time highs this year but markets will prove me otherwise.
Good Luck with your trades.

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Interesting. It is true i will turn bullish and start buying. Really will be all in when we go above ath.

The way institutions and government is promoting the market and supporting it as if they were a put option will give sentiment a bullish stance unless metrics turn south which is not likely coming up into an election cycle soon.

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I put in a long term short position on an short the Russle 5000 ETF right before the 2016 election. Fortunatley it was just a few grand. now worth one grand. I'm thinking of just throwing in the towel. Cutting my losses. However my key to trading/investing success is diversification. But yeah, shitty trade. I wouldn't have believed they'd be able to keep the markets up for this long and this high since 2008. It's like the longest bull market in history. I guess it's not so hard when they have endless confetti to throw into the market. Best of luck on your investments.

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