Home > Short-Term Trader > Sellers Now In Control

Sellers Now In Control

This morning both the SPX and especially the COMPX smashed through their respective necklines on the head-and-shoulder patterns outlined last week. I expect that rallies in the short-term will now become MUCH more subdued than those which occurred during the topping process. The break is in and sellers are now firmly in control. The SPX 1150 area should provide strong support and therefore I will look to reassess  at that juncture. A lot will depend on how hairy Global markets get and how quickly sentiment dips to an extreme.

Spx has

Position Disclosure: Short June ES Contract

Categories: Short-Term Trader
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