SPX- Election Surprise
If you follow us you know that we think SPX and markets in general are heading towards a generational top
And based the last months price action we think we know almost exactly when that top will complete:
NOVEMBER 2024
Prediction: It does not matter who wins the election..the market will begin to crash
MARK OUR WORDS
And based the last months price action we think we know almost exactly when that top will complete:
NOVEMBER 2024
Prediction: It does not matter who wins the election..the market will begin to crash
MARK OUR WORDS
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Near term support/ resistance
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Lets see which way this breaks
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As expected so far
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Price still hanging out between support and resistance
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NOT FINANCIAL ADVICE
Quick trade we took anticipating maybe some short term weakness in SPX
SPXU 40/shares @ 24.65
Stop Loss @ 24.50
If we get stopped out and break the low of 24.43 on SPXU we plan to immediately look for an entry on SPXL
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And yes we will later show the actual trade in the account so you can see it Nota
Ok got stopped out of the SPXU trade but like we said we immediately looked for opportunity in SPXL
We started a position in SPXL of 6 shares at 162.15 with a 3% stop loss
Lets see how this goes!
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Position starting to get some legs
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Position still in place
Levels are holding and we are looking higher near term with the expectation that over the next few months we should see price finally top out
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After price moved higher this morning we moved the trade to a little above break even and as we all see we eventually moved lower which stopped us out
We got back in at 162.52 because we still see price as near term bullish
We are using tight stops (1% - 3%) because price is still a bit indecisive
Take profit is 10% (but price structure will ultimately dictate)
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Price still overall hanging out between support and resistance
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Got stopped out of the SPXL trade...only had a 1% stop loss so didnt lose much of anything..that pop of bearish that we were looking for intially when we bought SPXU materialized a little differently than we thought..oh well
On to the next trade which may see us get back in SPXL
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Price still ping-ponging
Patience......
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As we have been stating SPX is in the late stages of forming a major top
November thru end of the year should see this start to roll over
Lets see
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