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Short

SPX-Pattern Getting Tight Up Here-04/15/19 Morning Notes

SP:SPX   S&P 500 Index
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are flat this morning as the overnight traders had a hard time getting above the first 15-minute-high from Friday's open. The "gap omen" trade set up is still in play and the target for the spx is 2889 for that pattern to stay close to 100% correct. But the larger bearish wedge pattern is also still in play that is pointing to a target close to the 2720-ish area. The are sell signals on the 60's daily charts , but the 15's are lacking them after Friday's big spike higher.
The lack of bearish divergences on the 15's is suggesting the bulls may have to try for a minor new high before giving way to sellers. That is not certain, but it wouldn't surprise me either. I still like shorting any strength up here and believe we will see the 2889 come into play in the coming hours and also believe we could see the bearish wedge target come into play in the coming weeks. But we would have to see the bulls take out the 2865-2860 support zone to get any momentum to the downside.
The range SPX range for today is 2911 high and 2902 low. A break of 2911 the spx should try for 2915/2919. A push below 2902 we could see 2896/2889. G

SPX CASH 60 minute technicals

Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2911 R2-2915 R3 2919
Support Levels: S1-2902 S2-2896 S3 2889
Trending Pivots: Higher
Free Sentiment Timing Report: 04/18/19: https://www.sentimenttiming.com/04-18-19-sentiment-timing-free-report/

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