Today the S&P 500 nudged yet another record high, but what may lie ahead?
Have a look at this chart below.
This is a six month daily chart of the S&P 500, nothing really sticks out does it?
But let's look closer. (Chart under this one)
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The chart above is again the same chart of the S&P 500 6 month daily (top chart) however, what have done with this chart is outline for you the current price channel, I have also circled the most recent price action which is very close to the top of the channel.
Now it is possible that we do break out above the top of this channel however, a more likely scenario is that we hit it then balance lower. (If this does not happen, well keep on reading!)
As most of you know who follow my work, I am currently holding a straddle on ticker SPY, (the ETF which tracks of the S&P 500), I posted this to my website TradersChoice.net yesterday. (You are following my stock picks right?)
I also opened up a straddle on ticker VXX yesterday as well, (which I also posted to my website) however, I did close the calls side of that position as VXX began to fall as the trading day progressed. After I closed the calls side of VXX, I rode the puts into the market close. (I was able to pocket a nice profit by the end of the day using this strategy)-I hope you did as well.
With regard to my straddle position on SPY, I am still holding it waiting for the price action to give me a clear signal as to which direction it wants to move, either way because of my straddle I am sitting pretty and will pull a profit.
Gregory Mannarino
Hi, You had asked the same question about a few days back and I had mentioned that it will go higher and will make a new high. And IT DID!
If it crosses 2407 (just 3 points from current level) and closes above that level then it is going higher. I don't watch S&P as I am predominantly a precious metal person (GLD and SLV) and I provide daily chart analysis on silver on steemit (@ajain) but I will watch SPX for you for a couple of days and ping you (probably via your youtube channel as I don't know how to send an email in Steemit platform, if I notice a breakdown.
Looks great.
I don't know much about stocks, yet I wat h this guy everyday, you would think I'm a stock broker by now! But no, I watch Greg to let me know what going with the housing market and gold and silver, some of the guest he joins with like Greg Hunter always have real news and informative news. Thanks!!
If things were truly great out there in the markets, all of these "alt" finance/news channels Gregory Manarino, X-22, Bix Weir, Peter Schiff, Jsnip4, Greg Hunter, Jeff Berwick, David Stockman, and I could go on and on.. Do you really think with all the credentials and experience there they would all be lying to us? Too much data and too many opinions from too many credible individuals. Not to mention if you look at what they are talking about you can see it for yourself, just too much out there pointing to the fact something massive and unprecedented is about to go down, whether it be days, weeks, months, or a few short years from now.
The SP500 is very overpriced and overbought.
Agreed. This is why my straddle will work here, just like my VXX straddle did.
Just buy some time value.....
I have a double top on SPX but a new ath on SPY.
Hi U might be interested in my #MULTIDIAGONALS instead of basic ol skool 'tramlines' heres my take on SP500 back in February
Disclaimer: I am just a bot trying to be helpful.
Really appreciate the update, had been looking all over for that chart info. Thanks!
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Any thoughts on the debt ceiling? Will it get raised again, or will it be used as a tactic to remove Trump?
Two big reasons
I'll be honest...I don't think it makes the blindest bit of difference now.
I used to be told: 1% of nothing is still nothing. The debt ceiling is kind of the same principle but in reverse
Overbought, needs a summer swoon.
What are your thoughts on The silver panther limited? (GPL)
also when you are watching the markets, bonds and the value of the dollar throughout the day what sites do you use? I have always wanted to see what you see and the mindset you have as you read what I feel like to be hieroglyphs haha.
Will the US stock market go higher if Europe crashes first?
Canadian housing bubble may be the first domino....everything's teetering, hold on to your hat!
I think this is an under stated fact.
Yes it can.
thank you Greg we love your post's
Well the stock market is a bit more boring then the crypto markets... Bitcoin hit $2500 today!
Congratulations. I own both....
Jubilee right before the big storm!
This is what I do daily!
Buy HL at 2pm. Sell when it goes up .02 cents. It does every day !
Easy $$$$$. :)
Hi Greg, quick question. Granted the USD is heading for record lows, and the stock market bubble will eventually burst, would it be profitable (and wise), to buy and hold shares of Canadian gold mining companies, in the long term? Any feedback is appreciated. Thank you!
Cheers!! :)
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