Bears Starring in S&P 500 Downside Show
The S&P 500 broad market index lost 2.2% in the recent three days. It might sound not too much as a similar drop was recorded in May 2023, when afterwards the index rose by 13.7%. However, in May the drop has started from 4200 points, when stocks were not seen technically and fundamentally largely overvalued. This time the market needs to blow off some steam. It is not clear whether this would be a 6-8% correction or something bigger. I don’t want to miss the opportunity anyway.
I have opened a short trade at 4500 points with the first target at 4200. The stop-loss order is placed 4700 points. The initial profit/loss ratio is at 2 to 1, but may increase heavily to 6 to 1. Seems to be a nice opportunity.
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