Like a bouncing ball on a downhill!
Like a bouncing ball on a downhill, equities have bounced hard after repeated selloffs but the general momentum remains downward.
With Consumer Price Index (CPI), Retail Sales, Initial Jobless Claims & Consumer Sentiments numbers coming out this week, markets are likely to be jittery. Any downside surprises could spur a sharp reaction downwards.
The S&P 500 E-mini Futures have been trading in a descending channel since March with current prices trading near the channel resistance. Additionally, prices have been rejected off the 23.6% Fibonacci retracement level twice.
The strong technical resistance levels as well as potential negative economic data surprises in the coming week warrant a short position over the short term.
Entry at 3842, stops at 4025. Target at 3645 & 3500.
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
With Consumer Price Index (CPI), Retail Sales, Initial Jobless Claims & Consumer Sentiments numbers coming out this week, markets are likely to be jittery. Any downside surprises could spur a sharp reaction downwards.
The S&P 500 E-mini Futures have been trading in a descending channel since March with current prices trading near the channel resistance. Additionally, prices have been rejected off the 23.6% Fibonacci retracement level twice.
The strong technical resistance levels as well as potential negative economic data surprises in the coming week warrant a short position over the short term.
Entry at 3842, stops at 4025. Target at 3645 & 3500.
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
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