Whats up traders -
This is an expansion on an earlier chart we posted. Same basic concept, however, we provide an update, as to why we still see this prediction following through.
Overall Market Headwinds
- China Issues (Trump / Pence) maintaining a tough position
- FED interest rates
- Positive Economic Data releases (affirms the FED decisions for future rate hikes)
- Lagging world economy
- Semi Conductors selling off (canary in the coal mine)
Chart Interpretations / The Tea Leaves
- 'MACD' on the Daily just turned down again
- Increasing volume into this latest sell off, shows market conviction in the move
- Previous break and close below the '50WM'
- Post '50W' break, we expect SPX to retrace to the '200WMA'
Failed support at the '200WMA' would be bad news, and your guess would be as good as mine as to where we would be headed next. Lets hope for a bounce at or before the 200W
Enter longs with care, a lowering tide, lowers all ships (and vice versa)
This is an expansion on an earlier chart we posted. Same basic concept, however, we provide an update, as to why we still see this prediction following through.
Overall Market Headwinds
- China Issues (Trump / Pence) maintaining a tough position
- FED interest rates
- Positive Economic Data releases (affirms the FED decisions for future rate hikes)
- Lagging world economy
- Semi Conductors selling off (canary in the coal mine)
Chart Interpretations / The Tea Leaves
- 'MACD' on the Daily just turned down again
- Increasing volume into this latest sell off, shows market conviction in the move
- Previous break and close below the '50WM'
- Post '50W' break, we expect SPX to retrace to the '200WMA'
Failed support at the '200WMA' would be bad news, and your guess would be as good as mine as to where we would be headed next. Lets hope for a bounce at or before the 200W
Enter longs with care, a lowering tide, lowers all ships (and vice versa)
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