SPX Confirmed Sell Signal
Stock-Markets / Stock Market 2017 Aug 10, 2017 - 09:28 AM GMTSPX is trying to make another test of the Short-term resistance at 2474.94. From there it should go down hard. Be Time to add shorts. Normally I wouldn’t recommend going 100% short until a trendline is crossed. But there’s enough confidence in the signals to go at least 50%.
VIX may also retest the 50-day Moving Average before going higher. The real clear signal is the Head & Shoulders neckline which has been tested twice. The third try may be the charm. VIX is still on an aggressive buy signal, but very close to a confirmed status.
The NYSE Hi-Lo Index is at a 1 month low and appears capable of breaking its lower trendline for a confirmed sell signal.
In summary, adding short positions may be a low risk option here. You may have trouble beating the crowd when the signals are confirmed.
Regards,
Tony
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