$7000 Top and Drop - Insiders Still Short

#spy #spx #s&p500 #s&p #spx500 #stocks #stockmarket #doubletop

Trading Fam,

What can I say? This Trump Pump and Dump market has shaken out a lot of the weak hands. As for me, I’ve had good success trading it.

In my last post, I brought a potential head and shoulders pattern to your attention. The neckline was broken, but the pattern was quickly invalidated, further proving why stop limits are so valuable in a volatile market climate such as this.

Now, we have a new pattern potentially emerging. Will this pattern complete? Remains to be seen, but a double-top at 7k seems like a fairly good bet in my book. This one is an Eve and Adam pattern. If true, we’ll at least revisit that last pivot low at around $6300.

Additionally, I’ve pasted a hard-to-see screenshot of insider trading. The details don’t matter as much as the color, which is all red. Basically, what this shows us is that out of the top 60 insider transactions, only 1 went long. The other 59? All short.

So, who is becoming these insiders’ exit liquidity? Probably retail per usual. Don’t become another casualty in that game. Unless the S&P can beat 7k, my sentiment falls in line with the other 59 insiders, bearish for now.

✌️Stew

P.S. - Though still testing. I am actively trading on my DUB copy-trade account here:

https://app.dubapp.com/portfolios/567841151768834048