2893 Important For Bears To Push Through--04/22/19 Morning Notes
Morning Notes 04/22/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Hi Everyone,
Futures are under some selling pressure this morning and nearing the wedge line I have been showing you for the last few weeks. We were always expecting strength into the spring time from the December lows. The avenue it took to get here was a bit unexpected, but the finishing dialog seems to exactly how every other top has taken place. Low volume, extreme bullish sentiment and a series of gap higher opens. This is the reason why knowing when to expect the next round of intermediate term selling is so important. Many will get this wrong and think the first break is the start of what we saw late in 2018. But there is still some time before we see that hit.
I am expecting a drop which I am leaving the door open for it to fast and viscous to the downside. But I am also expecting that drop to find support and we will test whatever highs we leave here. It may end up being a great buying opportunity-if we do get the expected drop. The bears still have a lot of work to do to even get the bulls attention. But the pattern and bearish divergences are warning that drop could hit any time and it would make perfect sense and fit the topping pattern.
The bears need to push the spx below 2993-2983 support zone and then will have to deal with the 2870-2860 bull/bear zone. Until the bears get below the 2860, the bulls will hang around. But once that support zone gives way, I would not be surprised to see a downside move turn viral and the rate of change down will pick up substantially.
The range SPX range for today is 2905 high and 2897 low. A break of 2905 the spx should try for 2909/2915. A push below 2897 we could see 2883/2870. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2905 R2-2909 R3 2915
Support Levels: S1-2897 S2-2883 S3 2870
Trending Pivots: Neutral/Lower
Trading Environment-Short Term: Current Environment-Neutral/Bearish
If you like our post and would like to continue seeing them, please help us grow our network-Thanks You!!
1.) like our post with a thumbs up (each post)
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Hi Everyone,
Futures are under some selling pressure this morning and nearing the wedge line I have been showing you for the last few weeks. We were always expecting strength into the spring time from the December lows. The avenue it took to get here was a bit unexpected, but the finishing dialog seems to exactly how every other top has taken place. Low volume, extreme bullish sentiment and a series of gap higher opens. This is the reason why knowing when to expect the next round of intermediate term selling is so important. Many will get this wrong and think the first break is the start of what we saw late in 2018. But there is still some time before we see that hit.
I am expecting a drop which I am leaving the door open for it to fast and viscous to the downside. But I am also expecting that drop to find support and we will test whatever highs we leave here. It may end up being a great buying opportunity-if we do get the expected drop. The bears still have a lot of work to do to even get the bulls attention. But the pattern and bearish divergences are warning that drop could hit any time and it would make perfect sense and fit the topping pattern.
The bears need to push the spx below 2993-2983 support zone and then will have to deal with the 2870-2860 bull/bear zone. Until the bears get below the 2860, the bulls will hang around. But once that support zone gives way, I would not be surprised to see a downside move turn viral and the rate of change down will pick up substantially.
The range SPX range for today is 2905 high and 2897 low. A break of 2905 the spx should try for 2909/2915. A push below 2897 we could see 2883/2870. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2905 R2-2909 R3 2915
Support Levels: S1-2897 S2-2883 S3 2870
Trending Pivots: Neutral/Lower