In this video, I discuss why August/September could bring serious downside for the market, despite my long-term bullish stance.
Right now, SPY is trading around $632, but I have a downside target of $573 in the short term. If we get volume beneath $573 — especially a break below the daily EMA — SPY could drop quickly, with a potential fall all the way to $480 in the coming weeks/months.
At the same time, UVXY is signaling a correction for the overall market after rallying from the low's of April. I have a target of $30 and when UVXY starts to move, it often reflects sharp market corrections — and the setup is beginning to mirror that now.
Despite this short-term bearish outlook, I want to make it clear: I am very bullish long term. Any 10–20% correction will be a major buying opportunity for me. I'm watching key levels closely and preparing to take advantage when the market overreacts.
Right now, SPY is trading around $632, but I have a downside target of $573 in the short term. If we get volume beneath $573 — especially a break below the daily EMA — SPY could drop quickly, with a potential fall all the way to $480 in the coming weeks/months.
At the same time, UVXY is signaling a correction for the overall market after rallying from the low's of April. I have a target of $30 and when UVXY starts to move, it often reflects sharp market corrections — and the setup is beginning to mirror that now.
Despite this short-term bearish outlook, I want to make it clear: I am very bullish long term. Any 10–20% correction will be a major buying opportunity for me. I'm watching key levels closely and preparing to take advantage when the market overreacts.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.