Patience guys and gals. Back on March 20 I forecasted a highly probable move to retest the 1390-1400 level on the SPX. This was based on the following weekly SPX and VIX chart. Watch this level carefully now. Weaker weekly candlestick this week. Start looking for weakness on the daily chart.
Love it or hate it, the days are numbered for the bulls. No more free lunch! As you might have guessed, I'm already receiving requests to write their eulogies. lol
Shorts beware!
Note Time Knight's warning:
"please consider the graph below a HUGE warning sign; the risk of a breakout is very, very real, and it would be devastating for the bears."
I dunno, Karen. I hardly ever follow Tim's blog but when a self-professed permabear like him breaks out in sweat and implores for mercy, I guess ya gotta listen! Personally, I ain't given up on the bear market scenario just yet but I might need to reconsider if this market don't fall anytime soon.
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