Spot the Bear. Weekly chart analysis of S&P500

romik said:
What downside are you expecting to see? 10 - 100 points?
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That depends on how generous the Fed feels.

I'm not expecting a move higher than 2150, and over the long run, between 150 - 500 points of correction.
The market seems shaky. The longer we wait, the worse it is going to get..
 
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I have SPX target at 2,145 as continuation of current swing of 20MA. For downside I have no targets as nothing is heading down yet. I will most likely be a buyer again if there is a retracement.
 
SPX closed below 20SMA, but within a range. There are countertrend indications, 1 bar in histogram (circled) is normally a strong indication of weakness in price action, especially with continued decline in histogram looks very bearish, but there is no confirmation in price and because predominant uprend is so strong, which is evident from the moving averages I still remain a buyer from support levels.

SPX.png
 
This week I wanted to post Monthly chart of Nasdaq Composite. It really does look like a correction is upon us. Credit Crunch began with S&P500 declining upon a double top, now we have a double top in the Nasdaq. A lot of indications are lining up signalling a potential of a correction. Whether it will happen or not of course partially will depend on legislator's ability to stabilise equity markets by whatever means possible. Technically though this is a top, hence the reason markets were ranging since the beginning of 2015. Will Greece/China be the deciding factor to push markets into correction phase? I certainly don't know. From risk/reward perspective this is a solid place to go short, I think it's self explicable looking at the chart. I will be most likely trading from both sides next week buying support and selling resistance zones. @Buy1Sell2

COMPQ.png
 
And here is SPX weekly chart. Price sustained bounce off 50MA closing below 20MA, which I believe will act as resistance next week, we are still within the range of 2015, but histogram continues declining displaying weakening price action.

SPX.png
 
S&P500 continues within 2015 range, but last week's bar is a classic outside reversal. IMO more downside next week towards 2053 SPX (50MA weekly) and if broken then 1988 is likely in play.

spx.png
 
INDU is leading the way for a correction, more downside this week is likely, rallies to be sold. Death Cross on the Daily chart is about to take place between 50 and 200 moving averages.

indu.png
 
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