$SPX Weekly Outlook: BEARISH BOUNCE $QQQ $IWM

$SPX Weekly Outlook: BEARISH BOUNCE $QQQ $IWM
December 29 12:05 2018 Print This Article

This week we finally got the bounce that I was talking about on Christmas Eve. It was imminent. Well we have had a 7% rip off the lows from Monday and a close near the top end of the range. As many of the longer term time frame moves I have seen before it is VERY likely that the lows will be tested again. However, the rubber band was very stretched to the downside and some of the largest rallies happen in BEAR MARKETS.

I am looking at a vicious rip into year end and possibly over the next couple weeks back towards 2600. The first line of resistance is going to be very difficult, not to mention the 3 lines above that of 2700, 2747, and 2808 (my line in the sand from previous posts). I am looking at a bounce into year end and then a brutal Q1 of 2019 presently. Continue to stay cautious.

 

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heyimsnuffles
heyimsnuffles

Just Climbing the Wall of Worry and Picking the Right Time to Get out of the Way. I am a Nuclear Engineer who quit and has studied global and crypto markets for almost a decade.

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