Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are up marginally this morning and I see a small channel within a larger channel possibly forming. The smaller channel for the /es is 2841 top and 2819 low and whichever way it breaks, will win the short term directional battle here. The larger channel is 2800 low and 2892 top, which it is early to say with confidence that it will be in play. But it is there is Mr. Market wants to use it and until the 2800 is taken out below, it will remain in play.
The SPX bulls have to get price above 2840 (smaller channel) but then they have to get above 2845, which is a resistance line. And if they clear that, then have to work above the 2850-2860 short term bull/bear zone. So they do have their work cut out for them. But the bears are in a similar situation. If they can get the spx below 2800, they then have to get below 2785 and 2777 support. Below the 2777, is when I believe we will see another round of panic selling with 2722 target in mind. I am open minded here with whichever way they decide to go, as both directions would make sense.
The intermediate term trend is down, but short term is a little cloudy and why I am sticking with a wait and see approach here. Getting short too early and the larger channel is in play, it won't be a fun ride being short up to 2890-ish from here. Getting long, it wouldn't be a fund ride if 2722 comes into play. Patients for right now is my best advice.
Today range for the spx 2833 high and 2822 low. A break of 2833, the SPX should try for the spx should try for 2841/2845. A push below 2822 we could see 2814/2800. G-
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SPX CASH 60 minute technicals
Stochastics: Oversold-ish
Divergences- No Divergences
Resistance Levels: R1-2833 R2-2841 R3 2845
Support Levels: S1-2822 S2-2814 S3 2800
Trending Pivots: Neutral
Hi Everyone,
Futures are up marginally this morning and I see a small channel within a larger channel possibly forming. The smaller channel for the /es is 2841 top and 2819 low and whichever way it breaks, will win the short term directional battle here. The larger channel is 2800 low and 2892 top, which it is early to say with confidence that it will be in play. But it is there is Mr. Market wants to use it and until the 2800 is taken out below, it will remain in play.
The SPX bulls have to get price above 2840 (smaller channel) but then they have to get above 2845, which is a resistance line. And if they clear that, then have to work above the 2850-2860 short term bull/bear zone. So they do have their work cut out for them. But the bears are in a similar situation. If they can get the spx below 2800, they then have to get below 2785 and 2777 support. Below the 2777, is when I believe we will see another round of panic selling with 2722 target in mind. I am open minded here with whichever way they decide to go, as both directions would make sense.
The intermediate term trend is down, but short term is a little cloudy and why I am sticking with a wait and see approach here. Getting short too early and the larger channel is in play, it won't be a fun ride being short up to 2890-ish from here. Getting long, it wouldn't be a fund ride if 2722 comes into play. Patients for right now is my best advice.
Today range for the spx 2833 high and 2822 low. A break of 2833, the SPX should try for the spx should try for 2841/2845. A push below 2822 we could see 2814/2800. G-
If you like our ideas, please show us with a like. If you want our alerts sent to your inbox, follow us.
SPX CASH 60 minute technicals
Stochastics: Oversold-ish
Divergences- No Divergences
Resistance Levels: R1-2833 R2-2841 R3 2845
Support Levels: S1-2822 S2-2814 S3 2800
Trending Pivots: Neutral
