I was sleeping in today, no point to trade this market but hold swing short position.
Mid Bollinger or 20MA crossed 110MA on daily, not a good sign for the bulls. MACD is still making new lows.
This seems to get to 3680SPX by the FOMC decision or right after.
Main resistance now is at 4030-45SPX
Mid resistance is at 3970-85SPX and I think we wont get above on any test, like it came short yesterday.
I will short 3970-85 level for a continuation of this move down
So far its breaking down here to my eyes and should follow through soon.
Main support is at 3880-86 now! On closing level
I will be trying long at 3880-86SPX tomorrow am, but its OPEX day and all the quarterly hedges will be off the lines and this can unleash much bigger swings in both directions, but main direction is down.
After the FOMC meeting 3680 should produce a good size bounce and ideally we see lower in Oct, 35-34 handle is very doable imo.
So need to over trade this as it chops both sides!
Mid Bollinger or 20MA crossed 110MA on daily, not a good sign for the bulls. MACD is still making new lows.
This seems to get to 3680SPX by the FOMC decision or right after.
Main resistance now is at 4030-45SPX
Mid resistance is at 3970-85SPX and I think we wont get above on any test, like it came short yesterday.
I will short 3970-85 level for a continuation of this move down
So far its breaking down here to my eyes and should follow through soon.
Main support is at 3880-86 now! On closing level
I will be trying long at 3880-86SPX tomorrow am, but its OPEX day and all the quarterly hedges will be off the lines and this can unleash much bigger swings in both directions, but main direction is down.
After the FOMC meeting 3680 should produce a good size bounce and ideally we see lower in Oct, 35-34 handle is very doable imo.
So need to over trade this as it chops both sides!