Studying both the Daily/ Monthly Charts S+P 500,
INITIAL RESISTANCE is found at 2864.33 , the 7/1/19 Close
Shown here, with a Red Trend Line Resistance Demarcation Line,
running across the chart, this price area defines the quadrant
that shocked and forced into silence bulls will attempt to scale.
Traders should watch 2864.33 closely.
Any rally breaching that resistance should be used as a SHORT STOP.
However, at this point, I would not suggest that you even consider
reversing and going long from that area, if it is breached to the upside.
Volatility is now quite high, and bull rallies when they come
may be short lived sharp upside bursts designed to force
weak handed bears to capitulate,
and early buy the dip bulls to feign optimism.
Primary Monthly Resistance for August is found at 3013.59
so understand that the market could rally quite substantially,
and still not change Bearish Trend Force.
There is also a huge price gap created by Monday's breakaway selloff to the downside.
Traders must allow huge point swings with volatility to play out.
If that is too much for your stomach, I would advise you stay out of the market.
Period.
THE_UNWIND
8/6/19
NEW YORK
INITIAL RESISTANCE is found at 2864.33 , the 7/1/19 Close
Shown here, with a Red Trend Line Resistance Demarcation Line,
running across the chart, this price area defines the quadrant
that shocked and forced into silence bulls will attempt to scale.
Traders should watch 2864.33 closely.
Any rally breaching that resistance should be used as a SHORT STOP.
However, at this point, I would not suggest that you even consider
reversing and going long from that area, if it is breached to the upside.
Volatility is now quite high, and bull rallies when they come
may be short lived sharp upside bursts designed to force
weak handed bears to capitulate,
and early buy the dip bulls to feign optimism.
Primary Monthly Resistance for August is found at 3013.59
so understand that the market could rally quite substantially,
and still not change Bearish Trend Force.
There is also a huge price gap created by Monday's breakaway selloff to the downside.
Traders must allow huge point swings with volatility to play out.
If that is too much for your stomach, I would advise you stay out of the market.
Period.
THE_UNWIND
8/6/19
NEW YORK
and should never be considered trading advise of any kind.
THE_UNWIND