SPX futures - It's bullish until it isn't
We tested the 18ma again (3680) yesterday and held it successfully. We came down to it overnight and held it again. This lines up with the pitchfork fib line and so I still lean bullish until both are taken out. Out of all the major indexes, only NQ is slightly under it's 18ma, and that may confirm over it today. A move above 3760 on an hourly close on ES will give a better confirmation that we're going higher.
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possibly in a channel, if bullish move continues
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as i posted news hit from England. Watch 3660, if it breaks we are likely going lower and the 18ma/pitchfork becomes resistance
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if we break down under 3660, I'm going to wait for a backtest of support and then take a short trade - good luck
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VIX under it's 18ma for 3 days, bearish until it isn't. I would not be shocked if this news is bought instead of sold. They will find a reason if so.
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a good fight here at 3700, here's a possible path for bulls. I'm waiting for a backtest of any break above previous highs to try a long trade. A break above 3760 and hold would be very bullish (previous highs)
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getting above resistance, bulls need to hold 3700 now
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SPY over previous trendline - bullish. Pullbacks to it should be bought. Everything looks bullish so far, waiting for safer entry.
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buyers stepping in but if for some reason they cannot hold 369 now, we could have a 3 wave correction and this is a bull trap. Stops are in at 369
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Futures need to hold 3700, breakout area
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SPY at support zone, they need to hold this level
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they are losing support on SPY - not great but nothing is decided yet - I will hedge with shorts on any retest and stop out of longs at 369 if it comes. Bulls want to recapture 371.5 on SPY
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looking better for bulls now, I will keep hedges on in case they get below 370 today - it shouldn't get that low again if we're continuing the uptrend.
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futures also finding support at structure, bulls don't want to see 3700 breached again today.
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SPY is close to breaking down but a save would indicate the green path. Some would call it a bull flag - perhaps, but right now it's just a fight. I have to go out, good luck to everyone and talk to you later,
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ok the bearish move happened while I was out. We are at support on spy here so I expect a bounce.
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futures at 3685 area, still above the 18ma at 3670. If they break it today it will become resistance. Both spy and futures structures held back the bulls once they got under them
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taking profits on most shorts, staying green for the day. the rsi bothers me here for bears.
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hourly hidden bull divergence on spy here
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could be a wxy for the B wave in which case i'd rather wait for the bounce and short again. If i'm wrong and it goes lower, that's fine.
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they are losing the daily 18ma now on all indexes. For SPY it's at 365.6. The plan will be to see if they can bounce back today or tomorrow and close over it for the day and week. If they get to it but reject, it's a short. I would rather short on a bounce than in this hole.
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potential channel on spy just in case this area holds.
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retest of 18ma daily here, going to take a small short position overnight in case the market melts down for a black Friday. Yields are looking like a blow off top.
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SPX - after the indecision candle yesterday we have bearish follow through today. We also closed under the 18ma by 2 points. See you tomorrow
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vix also red today and under it's 18ma - maybe a triangle? daily chart -
