Morning Notes: 05/03/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are getting a pop this morning from the unemployment numbers. In last night's video report I mentioned that yesterday's lows may have been a wave 4 down and we could see a wave 5 up still. Or we could see downside momentum pick up and we see the spx trading down near the 2800 in the coming days. Even with this mornings pop, either wave structure could still be in play. The /es is at an inflection point here and the bulls need to push above 2933 to see a reaction trade up 2941/2950 resistance zone. The bears need to push the /es below the 2900/2889 to gain control back and see a reaction trade down to 2877/2865.
The spx bulls need to push the tape above 2937 to gain short term control and see a reaction trade up to 2950. If that happens, then the wave 5 will most likely be the correct wave structure. I will stick with, going long up here is a very very risky trade. Once this wave 5 completes (if that is the correct pattern) it will open the door for the larger move down. One would be risking many points to the downside for limited upside potential, from what i see. Should be interesting and if the bears are going to try and fight, it should be within the first hour.
The range SPX range for today is 2928 high and 2916 low.(gap numbers) A break of 2928 the spx should try for 2937/2942. A push below 2916 we could see 2908/2897. Have a great weekend! G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2928 R2-2937 R3 2942
Support Levels: S1-2916 S2-2908 S3 2897
Trending Pivots: Neutral
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are getting a pop this morning from the unemployment numbers. In last night's video report I mentioned that yesterday's lows may have been a wave 4 down and we could see a wave 5 up still. Or we could see downside momentum pick up and we see the spx trading down near the 2800 in the coming days. Even with this mornings pop, either wave structure could still be in play. The /es is at an inflection point here and the bulls need to push above 2933 to see a reaction trade up 2941/2950 resistance zone. The bears need to push the /es below the 2900/2889 to gain control back and see a reaction trade down to 2877/2865.
The spx bulls need to push the tape above 2937 to gain short term control and see a reaction trade up to 2950. If that happens, then the wave 5 will most likely be the correct wave structure. I will stick with, going long up here is a very very risky trade. Once this wave 5 completes (if that is the correct pattern) it will open the door for the larger move down. One would be risking many points to the downside for limited upside potential, from what i see. Should be interesting and if the bears are going to try and fight, it should be within the first hour.
The range SPX range for today is 2928 high and 2916 low.(gap numbers) A break of 2928 the spx should try for 2937/2942. A push below 2916 we could see 2908/2897. Have a great weekend! G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2928 R2-2937 R3 2942
Support Levels: S1-2916 S2-2908 S3 2897
Trending Pivots: Neutral
