Morning Notes 05/07/19 Gary Dean
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
The 2942 short entry is still solid with some downside targets already hit. Manage trades with stop and if we continue lower, 2860 bull/bear line should be a magnet.
Futures are under some selling pressure this morning and the range is getting larger and larger if one was trying to give a trade long/short some room. For the bears, a break above 2948 would be the stop line and for the bulls, a break below 2898 would be the stop line. That is a big spread for someone trying to conservatively manage a trade.
Unfortunately, we are still in no man's land here, meaning a break either way would fit a profile. Let me explain. Yesterday could very well have been an ABC move down wave 4 and we are in the process of the wave 5 up to test/break the previous highs. This mornings move down could be part of the wave 5 with this being wave (2) down. Not to get too Elliott Wave Geeky, but each larger wave will form 5 waves. So this morning would be the minor wave (2) down and wave (3) would be on deck-and then (4) and (5) of 5. These are minor waves, so they are not as powerful as the larger wave structures.
Now for the bearish count, yesterday's lows could have been a larger wave A down and we completed wave B up yesterday and are now starting wave C down. I continue to label them as ABC's because we have time before the "Kill Zone" hits and this drop should find support at 2810-2750-ish if we continue down and then another face ripping short covering rally into the "Kill Zone" would bring us right into the time period that traps all of the bulls and we have an October style move lower. So what does this all mean? Stay open minded here and don't fall in love with either side. I prefer lower first, but Mr. Market can care less what I prefer-so up or down fits and when that happens, stay neutral and don't get aggressive. Manage any open trades and be patient. When we get closer towards the "Kill Zone" time period, that is when the Predictive Analytics Model will be bearish on all time frames.
The range SPX range for today is 2928 high and 2913 low.(gap numbers) A break of 2928 the spx should try for 2937/2942. A push below 2913 we could see 2898/2892 or lower. G
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- Small Bullish Divergences
Resistance Levels: R1-2928 R2-2937 R3 2942
Support Levels: S1-2913 S2-2898 S3 2882
Trending Pivots: Neutral
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
The 2942 short entry is still solid with some downside targets already hit. Manage trades with stop and if we continue lower, 2860 bull/bear line should be a magnet.
Futures are under some selling pressure this morning and the range is getting larger and larger if one was trying to give a trade long/short some room. For the bears, a break above 2948 would be the stop line and for the bulls, a break below 2898 would be the stop line. That is a big spread for someone trying to conservatively manage a trade.
Unfortunately, we are still in no man's land here, meaning a break either way would fit a profile. Let me explain. Yesterday could very well have been an ABC move down wave 4 and we are in the process of the wave 5 up to test/break the previous highs. This mornings move down could be part of the wave 5 with this being wave (2) down. Not to get too Elliott Wave Geeky, but each larger wave will form 5 waves. So this morning would be the minor wave (2) down and wave (3) would be on deck-and then (4) and (5) of 5. These are minor waves, so they are not as powerful as the larger wave structures.
Now for the bearish count, yesterday's lows could have been a larger wave A down and we completed wave B up yesterday and are now starting wave C down. I continue to label them as ABC's because we have time before the "Kill Zone" hits and this drop should find support at 2810-2750-ish if we continue down and then another face ripping short covering rally into the "Kill Zone" would bring us right into the time period that traps all of the bulls and we have an October style move lower. So what does this all mean? Stay open minded here and don't fall in love with either side. I prefer lower first, but Mr. Market can care less what I prefer-so up or down fits and when that happens, stay neutral and don't get aggressive. Manage any open trades and be patient. When we get closer towards the "Kill Zone" time period, that is when the Predictive Analytics Model will be bearish on all time frames.
The range SPX range for today is 2928 high and 2913 low.(gap numbers) A break of 2928 the spx should try for 2937/2942. A push below 2913 we could see 2898/2892 or lower. G
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)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Trading Environment-Short Term: Current Environment-Neutral/Bearish
SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- Small Bullish Divergences
Resistance Levels: R1-2928 R2-2937 R3 2942
Support Levels: S1-2913 S2-2898 S3 2882
Trending Pivots: Neutral
