Today we look at the massive downtrend action that we got with the SPX closing in right above the 1040.78 low. The SPY showing a lot more of the bearish action with a low closing lower than that of the 1040.78 low.
On both the SPX and SPY, we made a new low today thus confirming the start of a H&S formation breakdown. We will need to see a confirmation of that in tomorrows trading day.
We also look at the MACD bearish crossing on the SPY and many other charts.
Other stock trades are provided on AMZN, AAPL, GOOG, JPM and GS.
Hey Idan.
What do you think of the VIX?
I remember a few days ago you said if it goes over 30 it is going much higher.
Do you still think that?
Is this a good way to play a downturn?
Thanks for the video!
Yes.. and today you got a little taste of that already.. i do expect to see it much higher very very soon.
Anyone else watching/shorting BIDU?
Has been trading in a range since mid May. Closed below trendline from Feb gap up to early June.
Break of 66 should confirm a larger downward move. Downside targets are 62.5 (weak), 60 (moderate), 52-52.5 (long term upward trendline rising 200 SMA-should hold + SMA could make it to 38.2 Fib from ’09 lows at 54.21)