SPX - TA and Analysis - 23/05/20
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Please leave a comment if you have any questions and a LIKE if you agree with the idea.
I am BEARISH on the SPX as I believe the problems in America have not been fixed.
Fundamentally, there is a lot of problems that have uncertainties such as
I have put up the scenario of a head and shoulders pattern playing out with the necessary points stated on the chart.
Also, end of financial year is coming so we will have businesses who will be putting out their forecasts for the future which will have 2 outcomes.
As much as it would be good to have the world back to how it was before COVID-19 I think due to the global issues that this is posing it will need to be rebuilt which will cause a downturn in the market.
Disclaimer: I have done this idea for SPX as I believe there is still a strong correlation with BTCUSD so I will be using this drop to time when to trade with BTCUSD. I believe the correlation is strong as a lot of institutional investors have a 1% allocation to this asset class (You would be stupid to not get exposure in your portfolio considering the history of this asset.)
FOLLOW me if you would like to stay engaged with my ideas.
Maintain or gain.
I am BEARISH on the SPX as I believe the problems in America have not been fixed.
Fundamentally, there is a lot of problems that have uncertainties such as
- When will consumerism get back to normal for big business
- People will feel safe financially and in regards to health
- Is there going to be any new innovation during these trying times or are they going to be trying to prop up existing businesses
I have put up the scenario of a head and shoulders pattern playing out with the necessary points stated on the chart.
Also, end of financial year is coming so we will have businesses who will be putting out their forecasts for the future which will have 2 outcomes.
- Forecast low figures as they expect a slow down on average and investors will price this in
- Forecast great business and trade and then have a shock when actual numbers get compared to the forecasted numbers (In this scenario we might have a delayed head and shoulders with the right shoulder higher than the left shoulder)
As much as it would be good to have the world back to how it was before COVID-19 I think due to the global issues that this is posing it will need to be rebuilt which will cause a downturn in the market.
Disclaimer: I have done this idea for SPX as I believe there is still a strong correlation with BTCUSD so I will be using this drop to time when to trade with BTCUSD. I believe the correlation is strong as a lot of institutional investors have a 1% allocation to this asset class (You would be stupid to not get exposure in your portfolio considering the history of this asset.)
FOLLOW me if you would like to stay engaged with my ideas.
Maintain or gain.
Not
We are currently at the point where I expect to be the top of the right shoulder. This is where I would be using my correlations to other markets to determine if a rally will continue or if we are at the turning point.Lets get the popcorn and watch :)
Feragatname
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