Between now and October, I think we’re going to have the most substantial down-move of the past four years. I don’t know when it’ll happen (umm, obviously) but below I’ve pointed out what I think are reasonable goals for the push lower. These aren’t big moves – – hardly even 9% from present levels – – so I reserve the right to update these with more dramatic guesses later!
Slope of Hope Blog Posts
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Here’s today’s swing-trading watch-list:
Long F5 Networks (FFIV)
My theartofchart.net collaborator Stan tells me that the setup here gives an 80% chance of a trend day today, though it’s important to remember that there is still therefore a not insubstantial 20% chance of not seeing a trend day today. If we do see that trend day my lean would be towards down, though obviously there is only one way to find out for sure. If we trend up then the possible topping targets at 2134/5, 2138 and channel resistance at 2146-8 are all in range, but if we trend down then I have a setup that should be more fun to trade.
The support zone is at 2103-15 today, and SPX did not touch the daily upper band yesterday, so the door is open for some retracement today. SPX daily chart: