Monday, August 24, 2015
Well that bullish triangle I proposed got scrapped quick. The markets are in real trouble. We fell hard and closed in the lows Thursday and Friday, then today the S&Ps were down over 100 points in pre-market. We have been in a topping pattern for several months and so the rubber band has gotten real stretched and it now snapping back. Despite the market continuing lower in the foreseeable future, remember that the largest rallies have occurred in bear markets. So the bears need to be vigilant, use proper money management, and have strict discipline not to let greed over run your trading plan as those rallies will be fierce.
My target for S&P futures is the 1750-1770 area.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.