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Testy Tuesday – Shorting the S&P 500 at 3,350

All going as planned so far .   As you can see from our chart, we're consolidating right in that zone between the 200-hour and 50-hour moving average and 3,350 is also the 50-day moving average, so it's a lot harsher resistance than you would think.  We gapped into that zone last week so we didn't "earn" it and we probably have very little support below the 50-hour moving average so, if we can't get back over 3,350 this week – that short bet on the S&P Futures ( /ES ) we discussed making yesterday could make a vey nice pay-off. It would be one thing if we were moving up on good news but there's really not any good news to report – it's kind of depressing actually, as noted by John Oliver this weekend: Here's the front page of the Wall Street Journal this morning: Global Virus Deaths Surpass One Million U.S. Retail Bankruptcies Hit Record in First Half Gold’s Record High Gives New Life to Dollar Doomsayers Manhattan Offices Are Nearly Empty, Threatening New York City’s Recovery Ransomware Attack Hits Universal Health Services Brookfield Cuts Staff as It Tries to Steady Mall Portfolio Not exactly rally fuel is it?  205,000 (20%) of those 1M Global Deaths are in the USA, which has 4% of the Global population so Trump is killing his citizens at a rate which is 5x greater than other World leaders – GREATNESS!!!     IN PROGRESS    

All going as planned so far.  

As you can see from our chart, we're consolidating right in that zone between the 200-hour and 50-hour moving average and 3,350 is also the 50-day moving average, so it's a lot harsher resistance than you would think.  We gapped into that zone last week so we didn't "earn" it and we probably have very little support below the 50-hour moving average so, if we can't get back over 3,350 this week – that short bet on the S&P Futures (/ES) we discussed making yesterday could make a vey nice pay-off.

It would be one thing if we were moving up on good news but there's really not any good news to report – it's kind of depressing actually, as noted by John Oliver this weekend:

Here's the front page of the Wall Street Journal this morning:

Not exactly rally fuel is it?  205,000 (20%) of those 1M Global Deaths are in the USA, which has 4% of the Global population so Trump is killing his citizens at a rate which is 5x greater than other World leaders – GREATNESS!!!  

 

IN PROGRESS

 

 

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