Joe Perry, CMT, global head of business development at ForexAnalytix, updates his technical take on the S&P 500 and provides new key levels traders should pay attention to. He notes the breakdown from the ascending triangle, highlights Elliot wave analysis, and reviews the new trade he’s looking to make, in this interview with Jake Merl. Filmed on May 22, 2019. Watch more Real Vision™ videos:
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S&P 500: Buying the Potential Pullback (w/ Joe Perry)
Transcript:
For the full transcript:
Welcome to Trade Ideas. I'm Jake Merl, sitting down with Joe Perry, global head of business
development at ForexAnalytix and former FX and futures trader at SEC and Point72. Joe, it's great to have
you back on the show.
JOE PERRY: Great being here, Jay.
JAKE MERL: So, at the end of last year, you made some pretty bearish calls on the S&P. You shorted the
market a few different times and basically nailed the downturn into December. That being said, your last
trade in January did get stopped out as we've seen this massive run up higher to all-time highs. And now,
we've recently sold off again. Can you please walk us through the recent price action, what you're looking
at from a technical perspective, and if you're currently bullish or bearish, given what's going on?
JOE PERRY: Sure. Let's walk back to the last trade where I got stopped out. And we'll start from there. So,
we went down, we made new lows, then we bounced, I was looking to get short again. Once we got into
that range where we were from November, in through the first half of December, it was about $2550 up
to $2820. I was neutral in there because there was just a lot of slop that went on through there. So, once
we broke above that $2820 level, we got bullish, and we were looking to go up and test those highs from
back in October. We started putting in another ascending triangle similar to that one. And then we're
looking for a break as the ascending triangle started to slow. And indeed, we did break and moved lower
to where we are now.
So, we're looking to do a trade right now in the S&Ps. But let's first take a bigger picture. Because as a
trader, you always want to know what's going on in the macro environment in order to help give you
direction and perspective as like an overall general picture while you're trading.
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