Morning Notes 07/24/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are down some this morning, but try to bounce off of the now crossing up 50/200 dma on the hourly chart. Momentum is quite overbought and rolling over, so the bears have some gas in the tank if they wish to try lower. The fact that the bulls fails to push through resistance yesterday, does give the bears something to work off of, let's see if they try and follow through today.
2992 is where the bulls have to defend and the bears need to push through on the SPX 60 minute chart. I mentioned a triangle in yesterday's report and that pattern is still in play, since no new highs were made within that pattern. But the bears have some work to do to break through the bottom of the triangle and set the pattern in motion. (2980) If they succeed, then the pattern would be suggestion a reaction trade down to the 2950-ish area. If the bulls push above 3006, the pattern will be negated and something else is going on.
Today range for the spx 3006 high and 2996 low. A break of 3006 the SPX should try for the spx should try for 3010/3014 A push below 2996 we could see 2991/2982. G-
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-3006 R2-3010 R3 3014
Support Levels: S1-2996 S2-2991 S3 2982
Trending Pivots: Neutral
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are down some this morning, but try to bounce off of the now crossing up 50/200 dma on the hourly chart. Momentum is quite overbought and rolling over, so the bears have some gas in the tank if they wish to try lower. The fact that the bulls fails to push through resistance yesterday, does give the bears something to work off of, let's see if they try and follow through today.
2992 is where the bulls have to defend and the bears need to push through on the SPX 60 minute chart. I mentioned a triangle in yesterday's report and that pattern is still in play, since no new highs were made within that pattern. But the bears have some work to do to break through the bottom of the triangle and set the pattern in motion. (2980) If they succeed, then the pattern would be suggestion a reaction trade down to the 2950-ish area. If the bulls push above 3006, the pattern will be negated and something else is going on.
Today range for the spx 3006 high and 2996 low. A break of 3006 the SPX should try for the spx should try for 3010/3014 A push below 2996 we could see 2991/2982. G-
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-3006 R2-3010 R3 3014
Support Levels: S1-2996 S2-2991 S3 2982
Trending Pivots: Neutral