Greetings Investors:
Its time for another analysis by JP. My last chart indicated a complete Bull Run to the 3500 mark. This has completed as scheduled, but some things have changed since then and new data is emerging. I believe due to several Gap Ups we will see a sell-off in the very near future - days, not weeks. There are 2 levels of resistance that I recommend buying back in at. First the 3400 mark, then lastly the 3200 (if we hit it). From here, the annual chart tells me there is a run up to 3900-4000 by Feb 2021. After we hit this critical mark, I believe a strong Sell Off will occur. This level could be up 25-30%, and would be a good time to get out and take a breather, or possibly get in the short action if you feel comfortable.
If you look at the past 2 years, you will notice a pattern around this time and also the large sell-off that incurs. Covid will be at full capacity at this moment and Biden will consider shutting down the country again as well. This may be the trigger to initiate the downward cycle.
As always, be safe and cautious out there, these are shark infested waters and anything can happen.
JP - Out
Its time for another analysis by JP. My last chart indicated a complete Bull Run to the 3500 mark. This has completed as scheduled, but some things have changed since then and new data is emerging. I believe due to several Gap Ups we will see a sell-off in the very near future - days, not weeks. There are 2 levels of resistance that I recommend buying back in at. First the 3400 mark, then lastly the 3200 (if we hit it). From here, the annual chart tells me there is a run up to 3900-4000 by Feb 2021. After we hit this critical mark, I believe a strong Sell Off will occur. This level could be up 25-30%, and would be a good time to get out and take a breather, or possibly get in the short action if you feel comfortable.
If you look at the past 2 years, you will notice a pattern around this time and also the large sell-off that incurs. Covid will be at full capacity at this moment and Biden will consider shutting down the country again as well. This may be the trigger to initiate the downward cycle.
As always, be safe and cautious out there, these are shark infested waters and anything can happen.
JP - Out