SPX Below 850, Another Inflection Point
Broke below the pink line, but will we rally off the break or have continuation? Friday’s are exclamation points on the week and I’m now short the RUT and SPX looking for it to end down. It is going to require a very large day tomorrow range wise to turn most charts based on the price action we have seen over these past two days. I thought today’s “Fade the Fed” move was a little more than normal.
XOM reports tomorrow:
XOM supposedly is valued at 5% of the SPX? Carter Worth flagged it as a short on Fast Money. My charts are short on it. If SPX is valued that high and it goes down then it will drag the SPX down. XOM reports tomorrow morning. I’m long ERY the triple leveraged bearish energy ETF.
I like FRG again as well as the GLD, SLV, EEV, FXP, SRS, & FAZ. If the charts change tomorrow based on a big price action I’ll post it, but as of tonight all of these are buys. Also the theoretical BAC and C shorts are still on with the 3% tstops.
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