$SPX been getting a lot of DMs regarding why I’m bidding these levels on stocks and what’s my HTF view on S&P500
January 1st I shared this chart that was being thrown around on the feed. Mentioned this level which is a level I’ve talked about for over a year now for whenever this correction comes
Also middle of my upward channel from 2008 BOTTOM has been hit as confluence with previous ATH
Let’s talk about buy signals:
1) $4,600-$4,800 level hit✅
2) Weekly and Monthly RSI at previous reversal areas✅
3) Middle of HTF channel tagged✅
4) Fear at all time low✅
5) Recession talk at all time high✅
6) Margin calls being called✅
I can go on and on. So am I going full port here? No. I went from 35% cash to 10%. Leave last 10% if we do go lower but tbh if we lose this level, it’ll get very very ugly.
Is bottom in? I’m not sure. I won’t call that till I see a weekly close signal but I do believe we are very very close if we haven’t.
With all that said, it’s easy to get emotional and fearful during this but this is why I always preach take profits and have cash sidelined always
Stay strong out there🤝🏻