This SandP 500 Chart Pattern Says We Will Hit 2280 Soon! Check it out
This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.
Ever since the Federal Reserve released their minutes last Wednesday and the markets reversed sharply to the downside, the S&P has been chopping sideways. This formation is known as a bear flag pattern on the stock chart. When is so nutty about the formation, is that when you connect the highs and then connect the lows, it forms two parallel lines. This symmetry gives credence to the bearish pattern. Now, it is important to understand that the bearish pattern must trigger to play out. In order to trigger, it must break the lower trend line. Once that happens, the S&P will fall to 60 points to 2280. This is just a friendly heads up. I plan on shorting 5 S&P futures contracts (ES) when this happens and trying to bank big on the drop.
This article was written by Jenny Rebekka for on .
Daily Recap Newsletter