Crypto_Joe1
Short

S&P Short term correction

CME:SP1!   S&P 500 Futures
The S&P is now continuously making all time high in its freshest burst of price discovery. This is more of a speculative trading pattern, a rising wedge which indicates there could a break down to 2950, and maybe down to 2750 support.

However, in strong markets, what tends to happen is price breaks out upwards out of a rising wedge . This would indicate serious strength in the market, and suggest price discovery isn't ready to slow down yet.

Comment: 2.5% drop from the top trend line so far. Expect to see further drops
Comment: First target of 2950 hit after Trump plans to impose further Tariffs on Chinese goods.
Comment: Bottomed at 2770, 70 points from our main target at 2700, but a significant drop, and a good move caught perfectly.

The VIX is below 22.5, a key level, and slowly dropping back down which indicates this move could be bottoming out and we won't see another flash drop.
Comment: VIX has sustained a very high level for the last week. I expect a further drop to 2750 and if that doesn't hold, much lower.
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