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Morning Notes 04/08/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are down marginally and we could see another push up to try for 2900, but that is a risky trade. The wave structure is very mature and there are the divergences on almost all time periods. We have a short term time period expected and sentiment has been pressed to extremes again. The Predictive Analytics Model is short term "Bearish" but intermediate term neutral/bullish, meaning the "Black Hole" top where a the bears get full control of the tape (similar to October-December 2018) still has time to bake.
I am sticking with the expected pullback pending, could take the spx 130-170 points lower from current levels before finding a low and we head back up to test or even break the highs we leave behind-once the drop starts. The mood and mind set of traders has flipped 100%-where everyone was expecting the start of a new bear market heading into 2019, to everyone is expecting this is the start of the next bull market. It is one of the reasons Woody has said, both sides may end up being wrong and I can definitely see that happening. For now, the bears have to get the spx below 2885 to get any momentum going to the downside.
The range SPX range for today is 2893 high and 2885 low. A break of 2893 the spx should try for 2900/2905. A push below 2885 we could see 2880/2863. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2893 R2-2900 R3 2905
Support Levels: S1-2885 S2-2880 S3 2863
Trending Pivots: Neutral/Higher
1.) like our post with a thumbs up (each post)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Morning Notes 04/08/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are down marginally and we could see another push up to try for 2900, but that is a risky trade. The wave structure is very mature and there are the divergences on almost all time periods. We have a short term time period expected and sentiment has been pressed to extremes again. The Predictive Analytics Model is short term "Bearish" but intermediate term neutral/bullish, meaning the "Black Hole" top where a the bears get full control of the tape (similar to October-December 2018) still has time to bake.
I am sticking with the expected pullback pending, could take the spx 130-170 points lower from current levels before finding a low and we head back up to test or even break the highs we leave behind-once the drop starts. The mood and mind set of traders has flipped 100%-where everyone was expecting the start of a new bear market heading into 2019, to everyone is expecting this is the start of the next bull market. It is one of the reasons Woody has said, both sides may end up being wrong and I can definitely see that happening. For now, the bears have to get the spx below 2885 to get any momentum going to the downside.
The range SPX range for today is 2893 high and 2885 low. A break of 2893 the spx should try for 2900/2905. A push below 2885 we could see 2880/2863. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2893 R2-2900 R3 2905
Support Levels: S1-2885 S2-2880 S3 2863
Trending Pivots: Neutral/Higher