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#spx Morning Notes 05/17/19 Right Shoulder Made?

SP:SPX   S&P 500 Index
Morning Notes 05/17/19 Gary

Trading Environment-Short Term: Current Environment-Neutral/Bearish

Hi Everyone,

Here is a kind email we received that I wanted to share: Gary, I just want to say that I have spent the last two years looking for a group out there who I really felt like could help me prepare for my retirement and I am confident it is you guys, thank you for your service! You and Woody should be proud, you do a great job. I look forward to everything you send out. Keep up the great work! Mike S.

Futures are under some selling pressure, which comes as no surprise, if the spx was going to follow the inverted head/shoulders pattern to a T. I will watch the 2852 area to see how the bulls react. If the fail to hold that support line, then we could see 2838/2822-ish come into play. The bulls are going to need to push the spx 2866/2880 resistance zone and then 2892 to break out of this pattern to the upside. We should get a lot of information today as to whether the inverted head/shoulders pattern is in play, or did we just make an ABC move up and are going to test/break the lows. Stay open minded!

I am proud of all of the work Woody and I do for members. But one thing that I get emails most about from members, is the potential road maps set forth. The way we look at the markets from the predictive analytics model is you want to be extremely bullish/bearish or cash. We get extremely bullish/bearish when everything is lined up. That doesn't mean we will be correct each time, but even when wrong, the move is typically on borrowed time Up/Down. The road maps drawn always have an option A (Preferred pattern) and an option B, because the markets are always going to do what the want to do. Having these potential patterns and price action is the best way to control ones emotions. Once you let emotions into your trading environment, you will end up being wrong 99.9% of the time. We are not extremely bearish or bullish and in the let the market do what it is going to do mode now.
Big Range Today!

Please like and follow us if you like our posts. If you have any questions, I will happy to answer them in our comment box below. G-

Today range for the spx 2865 high and 2851 low. (Gap Numbers) A break of 2865, the SPX should try for the spx should try for 2879/2892. A push below 2851 we could see 2833/2825. Have A Great Weekend! G

SPX CASH 60 minute technicals

Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2850 R2-2879 R3 2892
Support Levels: S1-2851 S2-2833 S3 2825
Trending Pivots: Neutral/Lower


This is my view
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Your charts were extremely helpful this week. Have a wonderful weekend!
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Thank you for all the work you and Woody do for your customers, you're the best!!
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