SPX futures - watch for an unexpected rally
This is what may be happening as an alternative to the immediate sell off. Note the 2hr rsi, how low it is again.
The end of the day may look bearish but with the RSI this low, another move higher to test 4100 is still quite possible. Support is 3990 area, Under 3950 and this idea is likely invalid.
Good Luck!
The end of the day may look bearish but with the RSI this low, another move higher to test 4100 is still quite possible. Support is 3990 area, Under 3950 and this idea is likely invalid.
Good Luck!
Comment:
target area reached
Comment:
we've held that support area overnight, not sure if we'll rally or just crack below this today
Comment:
we've stopped and held over the 18ma, a break blow and especially weekly close below is a confirmation to me that we're not bouncing higher.
Comment:
US DOLLAR looking like a correction is soon - daily BB resistance and daily bearish divergence. Worth a watch.
Comment:
SPY is at a downtrend here, a break above would be bullish, a break lower than the recent lows is bearish.
Comment:
looks like a breakout, invalid if we get below the lows
Comment:
failed breakout - bearish
Comment:
pitchfork boundary continues to hold - IF we get a bounce it may be nothing but a small retrace
Comment:
hourly bull divergence is playing out on futures, but it may be just a small bounce - we'll know more tomorrow
Comment:
jobless claims 830 tomorrow. should determine the markets next step. us.econoday.com/byweek.asp
Comment:
small rally this morning with the numbers is likely. I'm sort of seeing a head and shoulders on futures if this rally is minimal.
if so, the target is approximately 3650
if so, the target is approximately 3650
