are some more selling pressure this morning, BUT from a technical view, it looks more like a consolidation pattern on the /es instead of a breakdown. The pattern is a text book which is suggesting we still may see higher before lower. If that pattern fails, it would make perfect sense to me from an overall pattern view, which is the reverse symmetrical I have been showing. The best way to view today's open is with an open mind! The short term pattern is and the intermediate term pattern is . The bulls need to get the /es above 2912 to get momentum going and then get above 2943 to trigger the higher. The bears need to push the /es below 2880 to negate the bulls flag and trigger some selling.
The SPX looks like it is going to open near Friday's lows and if they are going to try and keep a look and feel, the bulls will have to hold price above 2885-ish. If we see price trading below that level and is accepted by traders (not a quick drop and rally back above) then I believe we could see a reaction trade down to the 2845 area. If the bulls defend the pattern, they would need to get price back above 2938 to trigger the , where I believe a reaction trade up to 2948/2962 would follow. Short term, I would hold off getting too bear-ed up and IF we see some buyers step in, look to short above 2950 up to 2984 for the intermediate term pattern which is .
Today’s range: 2913 high and 2900 low. A break of 2913, the spx should try for 2918/2932. A Break below 2900 should try for 2884/2865. G
SPX CASH 60 minute Technicals
Divergences- No Divergences
Resistance Levels: R1-2913 R2-2918 R3 2932
Support Levels: S1-2900 S2-2884 S3 2865
Trending Pivots: Lower