SPX short position
SPX is getting to a crucial point, where it needs to overcome some very heavy resistance. The 50 MA has been very reactionary, and the decreasing black trendline could prove to be a significant challenge. The SPX has been very successful in the last 10 years, due to QE programs and a booming World economy. At the moment things are not so peachy, with the trade war with China and slowing economies around the World. The US is still holding on, with the last jobs report showing good results, but already transport and oil have shown weakness which normally precludes a slowdown in the economy.
This trade set-up should be executed if there is weakness for the SPX to close and confirm above the 50MA, or if it's rejected on the black trendline. At the moment the market is closed and price is above the 50AM. It would make sense to execute this trade if SPX shows weakness to confirm the 50MA as support and further grow, or if it's rejected on the black trendline; it is necessary to watch the intraday price to be able to define. If SPX doesn't show weakness on any of the two, there is no trade here. There is a possibility of SPX powering through and over the resistance overhead, but I'd say the probability is greater for sideways movement for sometime, and subsequent downside. It should be noted that if a breakdown does occur, there is no significant support until the rising black trendline which has been there since immemorial times and is currently around 2350.
This trade set-up should be executed if there is weakness for the SPX to close and confirm above the 50MA, or if it's rejected on the black trendline. At the moment the market is closed and price is above the 50AM. It would make sense to execute this trade if SPX shows weakness to confirm the 50MA as support and further grow, or if it's rejected on the black trendline; it is necessary to watch the intraday price to be able to define. If SPX doesn't show weakness on any of the two, there is no trade here. There is a possibility of SPX powering through and over the resistance overhead, but I'd say the probability is greater for sideways movement for sometime, and subsequent downside. It should be noted that if a breakdown does occur, there is no significant support until the rising black trendline which has been there since immemorial times and is currently around 2350.
Feragatname
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