SPX: Volatility Near-Term; Short Squeeze Still Possible
Hi traders,
Not too many changes from some of my prior SPX posts, but just a quick update here!
In the near-term, the market will continue to fight with the 3180 level which represents an invalidation level at current time of the island top reversal. Eventually, this will be invalidated - so its only a matter of time even if we pullback prior to invalidating this pattern.
In the mid-term, I view a high likelihood of testing the 3320 level before a _possible_ 1-2 day sharp pull-back. We will probably be at the 3320 sometime by late July.
In the longer-ish term, I view another potential sharp pullback around 2% above ATHs (i.e. 3475-3480).
Expect volatility for roughly the next 3-4 weeks, overall, with some sharp pullbacks and sharp pumps for seemingly no 'real' reason for either direction.
The key still, is that I expect a short squeeze sometime between late July and lasting through August and some of September before the market tops out and slowly trends down from about October, with the voracity of selling pressure likely picking-up from late 2020 or early 2021 and beyond.
- zSplit
--
For those who want to follow my daily analysis , feel free to add me on Discord at zSplit#9971
Not too many changes from some of my prior SPX posts, but just a quick update here!
In the near-term, the market will continue to fight with the 3180 level which represents an invalidation level at current time of the island top reversal. Eventually, this will be invalidated - so its only a matter of time even if we pullback prior to invalidating this pattern.
In the mid-term, I view a high likelihood of testing the 3320 level before a _possible_ 1-2 day sharp pull-back. We will probably be at the 3320 sometime by late July.
In the longer-ish term, I view another potential sharp pullback around 2% above ATHs (i.e. 3475-3480).
Expect volatility for roughly the next 3-4 weeks, overall, with some sharp pullbacks and sharp pumps for seemingly no 'real' reason for either direction.
The key still, is that I expect a short squeeze sometime between late July and lasting through August and some of September before the market tops out and slowly trends down from about October, with the voracity of selling pressure likely picking-up from late 2020 or early 2021 and beyond.
- zSplit
--
For those who want to follow my daily analysis , feel free to add me on Discord at zSplit#9971
