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Morning Notes 04/12/19
Hi Everyone,
Futures are gapping up yet again and we are going to see another "Gap Omen". That is when the spx gaps to new rally highs. It has marked short term tops almost every time and I would not be surprised to see this pattern remain in tact today. This "China News" buying episode in overnight trading is a little tricky from a technical view. We have clear bearish divergences in place and are still there, even with this huge gap up. But the most recent divergences are negated, so we may see some selling early, followed by another round of buying. That should set up another set of divergences.
As much as I am saying the long side is dangerous, which I still believe, until the bears break support, the bulls will hang around. But you can only gap your way so higher before that foundation of hole below gives way. And there are a LOT of them below! The bearish wedge is still in play and the /es is right back up against the trend line this morning. The target remains below 2800 and I still believe once we top-that target of 2760-2720 will be hit in a very fast many. But for now, the bulls still have the ball and they will do anything not to give it up.
The range SPX range for today is 2905 high and 2895 low (Gap Numbers) A break of 2905 the spx should try for 2910/2915. A push below 2895 we could see 2882/2873. Have a great weekend! G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2905 R2-2910 R3 2915
Support Levels: S1-2895 S2-2882 S3 2873
Trending Pivots: 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 04/12/19
Hi Everyone,
Futures are gapping up yet again and we are going to see another "Gap Omen". That is when the spx gaps to new rally highs. It has marked short term tops almost every time and I would not be surprised to see this pattern remain in tact today. This "China News" buying episode in overnight trading is a little tricky from a technical view. We have clear bearish divergences in place and are still there, even with this huge gap up. But the most recent divergences are negated, so we may see some selling early, followed by another round of buying. That should set up another set of divergences.
As much as I am saying the long side is dangerous, which I still believe, until the bears break support, the bulls will hang around. But you can only gap your way so higher before that foundation of hole below gives way. And there are a LOT of them below! The bearish wedge is still in play and the /es is right back up against the trend line this morning. The target remains below 2800 and I still believe once we top-that target of 2760-2720 will be hit in a very fast many. But for now, the bulls still have the ball and they will do anything not to give it up.
The range SPX range for today is 2905 high and 2895 low (Gap Numbers) A break of 2905 the spx should try for 2910/2915. A push below 2895 we could see 2882/2873. Have a great weekend! G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2905 R2-2910 R3 2915
Support Levels: S1-2895 S2-2882 S3 2873
Trending Pivots: Higher