Please review my overall daily chart analysis here
Thoughts for today
Wait and see. Market has reacted to news, we'll have to wait until the session starts to see if today is a selling day or a buy the dip day. With our current level of market euphoria, I suspect we'll see some recovery.
If we pullback at open I'm watching 1860.00, 1853.66, 1846.00 and 1831.05. I believe 1831.05 is solid support. As always, if we pullback don't just buy on the bounce, watch for higher volume and higher lows to form on smaller timeframes for confirmation of the bounce. Also make sure to watch SPY.
If we move to the upside, I'm watching 1876.50, 1881.85 and 1884.00. Yesterday I thought we might reject at that 1884.00 level since we're paid respect to it 4 or 5 times on the 5 minute timeframe. Today I'm watching that level again. If we lack the gusto we had yesterday this level might act as firm resistance.
Thoughts for today
Wait and see. Market has reacted to news, we'll have to wait until the session starts to see if today is a selling day or a buy the dip day. With our current level of market euphoria, I suspect we'll see some recovery.
If we pullback at open I'm watching 1860.00, 1853.66, 1846.00 and 1831.05. I believe 1831.05 is solid support. As always, if we pullback don't just buy on the bounce, watch for higher volume and higher lows to form on smaller timeframes for confirmation of the bounce. Also make sure to watch SPY.
If we move to the upside, I'm watching 1876.50, 1881.85 and 1884.00. Yesterday I thought we might reject at that 1884.00 level since we're paid respect to it 4 or 5 times on the 5 minute timeframe. Today I'm watching that level again. If we lack the gusto we had yesterday this level might act as firm resistance.
Comment:
Rejected exactly where I said it would.
Comment:
$1884 certainly acted as resistance for most of the day, but we've just broke that level.
Comment:
/ES gapping down, if it doesn't recover I'm thinking we find support at $1850 - $1853 - we have decent support in that area down to $1838 area.
Comment:
Currently sitting on top of that $1853.66 level we've had since the beginning of the month. This has been a good level to buy the dip at over the past month.
That said, VIX is edging up and today is the biggest down day for SPY since October. So let's wait to see if this level holds.
That said, VIX is edging up and today is the biggest down day for SPY since October. So let's wait to see if this level holds.
