SPX500 mid to longterm SHORT bearish Cypher, longterm resistance
In my scenario the SP500 and markets im general might shoot their last fireworks to
have a final champagne party on Mario Draghi and the ECB 0% interest rate medication.
However the longterm resistance line from May 2015 high is coming southwards, looking to meet
our curve around 2080 levels...
As we can see we have downtrend channel resistance just above the price and demand zone just below the price, going long from this point wont be that good trade.
Perphaps it is the last time to add some puts tomorrow before next week.. or not time will tell.
Another chart I made pointing at the same pivot point:
imagizer.imageshack.us
SPX500 - Bias short below 2137 handle. Retail traders still holding long positions at 1.7:1 ratio, indicating downside continuation risk still outweighs upside risk. This week looking to short risk if market bounces to any resistance level up to 2137 as long as retail trader sentiment still remains to long side along with 8/21 EMAs below upper trend line...
