It's been a bad couple of days for longs. The S&P has been consolidating between 925 and 950 for the last week or so after a break out on June 1. There was lots of excitement about closing above 950 and heading for the stratosphere but alas, once again the market has shattered dreams of economic recovery and easy riches.The S&P is about to, maybe, crash through a 200 and 50 day Simple moving average cross over. Bad news 1. Once that is done, if it is, 888 is the next retracement level on fibs and then 880, the last low. If that is broken it more than likely is all over and we'll see lots of downside. Bad news 2
The analysts and gurus last week were all up for the new great bull market, while we were in it as usual, now suddenly it's sell, sell, sell cause we're going down, while we are, again, as usual. It's easy to call it as it's happening, and these guys get paid for this. Amazing. Remember, learn to trade on your own and just concentrate on staying on the right side of the trade.
Of course none of it means anything while the Government and banks are manipulating the economy and your country to their own benefit and your demise.
Watch this video about the S&P direction from Adam Hewison. One of the few who has a track record of calling them correctly before they happen. He caught the pound, crude and gold trends right before they occurred recently and anybody paying attention made some money, and that's what it's all about.
