SP500 bull or bear? August NFP coming this weekThe last time I posted about SP500 I was expecting the market to try break strong resistance 4140-4180. So far it goes according to plan. I’m preparing to go short.
What if we break the resistance?
This can be a bull trap and we will get a new low very likely in September.
There is another option. VIX on weekly chart, we’re very close to 200EMA(21.5).This is a very strong support. If we break it, very much likely we can see bullish market.
What I’m anticipating is a strong reaction when we fall to 21.5 on VIX.
Of course I might be wrong. No one can predict what market will do next.
All eyes on Friday’s non farm payrolls. The earning season wasn’t that bad. The economy is slowing down but it’s not dramatic. Is it enough to 4180 resistance on SP500? I don’t think so, but please do your own analysis before trading.
This is only my prediction based on trend analisys and indicators
