Morning Notes 04/24/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Futures are flat this morning as we enter into another short term negative time period. I have been reading more outside newsletter giving reasons as to why this market is going to head higher. The majority of them were giving reason why we were entering the next bear market at the lows and I have not gone back and checked, but I am almost certain they were giving reasons why we were going to head higher back in October as well. This is all part of the "Golden Halo" phase that gets everyone thinking the market will never go down. Then they come up with reasons to back their belief. The /ES chart could complete this 5th wave anywhere up here.
Most are saying expect a very minor pullback before we shoot up and beyond 3000 on the spx. I think they will be partially correct-meaning we will get the pullback, but seeing it go deeper than they are expecting, would not surprise me at all. Then when we do fine the low and we get the final push higher into the "Kill Zone" everybody will be on board the thought that the Fed, President, Central Banks will never let this market go down. One has to peal that thought back just one layer and ask-if they had this kind of power to control the market, why would we ever go down? They can try and manipulate the money flow, but only for so long. The move higher has nothing to do with our fed, president-central banks. It is a flee for safety from the Euro-period.
Honestly, who care why or how we got here. We are here and the intermediate term time period is still bull friendly, but nearing the end. Tops rarely happen after big moves up like we have seen. The typical top happens with a sharp drop followed by a test or slight break of the highs. Which does fit the short term profile coming into play. But as I have said over and over again, until the bears take out important support levels, the bulls will hang around. That support zone now is 2918-2897. If we see that taken out, then a reaction trade down to the bull/bear line 2860 should follow. The patterns-sentiment and time are bearish for today-into Woody next low period. The lack of bearish divergences on the 60's are suggesting a very minor dip followed by a new high (Not Guaranteed)
The range SPX range for today is 2937 high and 2929 low. A break of 2937 the spx should try for 2940/2945. A push below 2929 we could see 2918/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2937 R2-2940 R3 2945
Support Levels: S1-2929 S2-2918 S3 2906
Trending Pivots: Higher
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!!
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Hi Everyone,
Quick Note: We are doing the co-marketing program with some other newsletters. If you are interested, there is no obligation at all-just register and you get all of the newsletters involved free-See link below in the signature section. It will help us out as well-so thanks in advance. G-
Futures are flat this morning as we enter into another short term negative time period. I have been reading more outside newsletter giving reasons as to why this market is going to head higher. The majority of them were giving reason why we were entering the next bear market at the lows and I have not gone back and checked, but I am almost certain they were giving reasons why we were going to head higher back in October as well. This is all part of the "Golden Halo" phase that gets everyone thinking the market will never go down. Then they come up with reasons to back their belief. The /ES chart could complete this 5th wave anywhere up here.
Most are saying expect a very minor pullback before we shoot up and beyond 3000 on the spx. I think they will be partially correct-meaning we will get the pullback, but seeing it go deeper than they are expecting, would not surprise me at all. Then when we do fine the low and we get the final push higher into the "Kill Zone" everybody will be on board the thought that the Fed, President, Central Banks will never let this market go down. One has to peal that thought back just one layer and ask-if they had this kind of power to control the market, why would we ever go down? They can try and manipulate the money flow, but only for so long. The move higher has nothing to do with our fed, president-central banks. It is a flee for safety from the Euro-period.
Honestly, who care why or how we got here. We are here and the intermediate term time period is still bull friendly, but nearing the end. Tops rarely happen after big moves up like we have seen. The typical top happens with a sharp drop followed by a test or slight break of the highs. Which does fit the short term profile coming into play. But as I have said over and over again, until the bears take out important support levels, the bulls will hang around. That support zone now is 2918-2897. If we see that taken out, then a reaction trade down to the bull/bear line 2860 should follow. The patterns-sentiment and time are bearish for today-into Woody next low period. The lack of bearish divergences on the 60's are suggesting a very minor dip followed by a new high (Not Guaranteed)
The range SPX range for today is 2937 high and 2929 low. A break of 2937 the spx should try for 2940/2945. A push below 2929 we could see 2918/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2937 R2-2940 R3 2945
Support Levels: S1-2929 S2-2918 S3 2906
Trending Pivots: Higher
Comment:
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