The futures are down this morning but this is the monthly options expiration week, so I don't expect it to start the next big leg down. Most likely we'll see a choppy week between lower support and upper resistance. Generally this is a bullish week but there's been a lot of damage to the bulls on the daily and weekly charts so expecting a new all time high to happen is probably just wishful thinking by the bulls.
But the bears are awake now and seem to be shorting every bounce, which limits the down moves of course as SkyNet rarely drops the market hard and deep with the bears short. Therefore some choppy action to put them back to sleep, or at least get them to stop shorting is more likely the plan. The week following this week is where it should get interesting for the bears as another leg down is very likely still coming.
Over the weekend I watched some videos that talked about Trumps plan for the future, which are centered around two main things. One is to get rid of the Fed and two is to back the US Dollar by Gold again. The last president to attempt to do that was Kennedy and before that it was Lincoln. Kennedy had lined up dozens of other countries to support the new Gold backed dollar, which briefly happened in the early 1960's before they killed him. When I say "they" I of course mean the "Deep State", "Cabal", "Illuminati", or just simply put... the Elite satanists that rule the world. Same thing with Lincoln as he to was killed by the same people.
So I highly respect Trump for trying to do the same thing as it will free the world from the financial enslavement the banksters have us all in right now. A new gold backed dollar before the end of 2020 is his plan some insiders say. If so, then gold and silver will rising through the roof in value going into this period I'd think. As for the stock market I still am unsure? Mainly because I don't know who's going to win and while I'd love to see Trump be the victor the past two presidents that tried the same move failed and lost their lives as well.
But if he does get it done then this new transfer of wealth from the banksters back to the public, which can then create new jobs to get the economy going, should cause the stock market to do very well too. Right now that's hard to believe as it's so overbought on a monthly and yearly chart, but it is possible to see a strong bull market start if Trump wins with his plans, so don't rule that out. If he fails then yeah, I'd say we'll go into a recession and/or depression as the satanists will sure stage an epic stock market crash again, just like they did in 1929.
They are losing control right now as the alternative media is exposing them for every crime under the sun from assassinations to pedophilia to money laundering and much more. The people are feed up with it for the most part, but some are still to brainwashed to understand the big picture. Anyway, this all leads me to believe we are still going to see some nasty moves down starting around the last week of August, which are normal really as the fall months of the year are typically weak anyway. But I don't (currently) see a massive crash.
The "possible" FP I have from 1/7/2019 only points to a "higher low" on the SPY then the December 2018 low. So if that's a real FP and we hit that target in either September or October I still think there will be time to rally up by the end of the year and make new all time high. Meaning I don't think we are going to see the possible upside FP on IWM hit this month. The bears are putting too much pressure on the bulls right now to allow a new all time to be achieved I think. So let's have some fun with the bears in the coming months and then become bulls again in December for the rally up to that IWM target is what I'm thinking.
This week I might not do much but I'll certainly be looking for that ideal short to setup. Next week the VIX contract expires on Wednesday the 21st, so I have to think this market is going to be choppy until the new contract starts as the insiders will sure want the current contract to expire with the VIX under a certain level so they can keep all the premium they sold via naked calls... meaning it's very likely the market is going to be manipulated until expiration. That's another reason I'm looking for some choppy action. Have a great Monday.