SPX/SPY Short Setup

By Gary Tanashian of Notes From The Rabbit Hole

NFTRH & Biiwii's Unique Market Perspectives • Aug 5, 2014 at 7:53 AM EDT

Where to re-short the SPY on a stock market bounce? Well, I’d like to see the SPX at 1950-1960. That would be a classic setup at resistance.

Where to re-short the SPY on a stock market bounce? Well, I’d like to see the SPX at 1950-1960. That would be a classic setup at resistance (former support now broken). A handy stop loss would be above 1960 as suits individual risk tolerance.

I guess this is actually an NFTRH+ style post, but we have been focusing more on long setups (downside buying op’s) in the gold sector as this little correction in the PM’s (also expected and charted for subscribers well in advance) plays out.

SPX dropped out of the wedge, spectacularly crashed support and ruined RSI. 1960 is now resistance and the whole world sees it.

Target to Re-Short: 1950-1960

Downside Target: 1860-1865

Stop Loss: As suits risk tolerance above 1960

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