Following up on last weekend's S&P chart, here is another view, even more ominous than last weekends view:
Noteworthy on this weekly SPX chart is the double top signature and the vast area below. A decline to the lower parallel trendline takes SPX down 20% from its high just above 7,000, around 5,600. There is some temporary support about mid-way, circa 6,200, but by then prices could already be in free fall.
The SPY Mar $650P highlighted last weekend has traded up to 6.20, from 4.75 a week ago. That's a 30% gain, so far, but the decline has barely begun. I am looking for much higher returns in the coming weeks.
The Weekend Update sent out yesterday to paid subscribers (hint, hint) included some shorter-term charts that suggest an acceleration down is set for the first few trading days after the President's Day holiday. I am getting increasingly bearish for a number of reasons set out in that Weekend Update and would be especially wary of a gap down Open come Tuesday morning.
As for Bitcoin, also in that Weekend Update is a discussion of Robert Prechter's newly published price target for BTC. It's actually a range, the upper around, $3,200, while the lower end is, goose eggs.
Accordingly, we are back trading Bitcoin...just in case.
BTC
IBIT
IBIT Jun OTM Puts
