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Stocks dropping to key support and 5th wave bounce signal – Video

Good Morning,
The SDS trade is the gift that keeps giving… while our position size is not big, the key is that we are involved and riding this move down in the stock market with a runner. I really hoped we would have had another opportunity to add to our short but we have not really had a bounce with a setup yet. But that may come next week which a multi-day pause or oversold bounce which may kick into play very soon.

Take look at where the SP500 futures are trading this morning. This is the same chart I posted yesterday with the next key support level which is now being tested.

Pre-Market Analysis Points:
-    Dollar breaking out of resistance and moving up sharply. We need to see if it can hold up above this level today. I have a feeling it will reverse back down but let’s focus on the technical as it’s best to trade what you see, not what you think.
-    Crude oil is still trying to form a base and is starting to look more bullish today with a multi-day bull flag pattern.
-    Nat gas is doing the same thing…
-    Precious metals have mini 5 wave corrections and near support. A bounce is looking like it will happen in the next 24-48 hours.
-    Bonds are holding up and half way to our upside price projection. If they reach the previous high from a few months ago then I feel stocks will bottom and bonds will pullback.
-    SP500 is trading sharply lower and has reached our next price target as shown in the chart above. We have a small running with our stop set as yesterday’s high if a knee jerk short covering rally happens.

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