SPX – Chart of the Week for March 22, 2024

by | Mar 22, 2024

Chart of the week this week is SPX.

Quick message before we get started:

If you’ve been following me for a while, or maybe you have one or two of my programs, I have an opportunity for you to go “all access” with a special deal on my inner circle Turnmire Trading Labs membership.

This gives you access to all my programs, indicators, tools, ideas and deep analysis that I don’t give to the general public. Check it out here.

Ok, now onto this week’s epic chart…

 

This Week’s Chart

This week’s chart is an inverse of the SPX. Basically, I took the SPX and turned the chart upside down.

1/SP:SPX Chart Image by insane66

Now you have to ask yourself: Would I short this chart now?

If not, then going long on SPX is not a great idea.

Also ask yourself: Would I try to catch the falling knife and buy the reversal right now?

If not, then you shouldn’t short right now.

The moral of this exercise is to NOT have FOMO (fear of missing out) and wait for clarity of the next move before getting aggressive on the market.

The most prudent action might be to WAIT!! (Patience is HARD I know!! Believe me, I know!)

The Chart

This week’s chart is a little weird, because there’s no entries, exits or anything. It’s more of a lesson in patience than anything: https://www.tradingview.com/x/NZymMSsx/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster”, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> That yellow line you see on the chart is my Market Roadmap Line (RML). Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between my free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more trades than you can handle every single week!

WRITTEN BY<br>Jeffry Turnmire

WRITTEN BY
Jeffry Turnmire

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