Sorry for the delay in getting this out to you. Been crazy busy.
Morning Notes 06/13/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are have been all over the map in overnight trading. They were +6 then dropped 20 points in 15 minutes on the overseas news and are now +9 as I type. Those are some big swings and shows us how antsy these algos are. There is a solid bid until the algos get some news in milliseconds and then the bid gets removed and they are all sellers. The rally off the overnight lows did run right up to the 62% retracement pivots and has dropped some 7 points from those highs. Was that it? I am not sure, but if the 2894 is taken out on the upside, the next line in the sand for the bears and may be the last line, is 2902, where heavy resistance is waiting as well.
The spx looks like it is going to open near the 2888, which is a 38% retracement line and some price resistance as well. If the bulls push above that line, then we should see 2892 and 2896 with 2902 being the last line of defense before the 2910 highs. If self traders were looking for short entries, I would layer in at 2888-2896 and 2903 with a stop at 2912. I am not sure if we will see the 2903 or even the 2896, but those are the resistance levels for new entries if looking for new positions on the short side.
Today range for the spx 2888 high and 2882 low. A break of 2888 the SPX should try for the spx should try for 2892/2896. A push below 2882 we could see 2876/2871. Below 2870, I would not be surprised to see a panic trade down to 2840/2835 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Small Bearish Divergences
Resistance Levels: R1-2888 R2-2892 R3 2902
Support Levels: S1-2882 S2-2876 S3 2871
Trending Pivots: Neutral
Morning Notes 06/13/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are have been all over the map in overnight trading. They were +6 then dropped 20 points in 15 minutes on the overseas news and are now +9 as I type. Those are some big swings and shows us how antsy these algos are. There is a solid bid until the algos get some news in milliseconds and then the bid gets removed and they are all sellers. The rally off the overnight lows did run right up to the 62% retracement pivots and has dropped some 7 points from those highs. Was that it? I am not sure, but if the 2894 is taken out on the upside, the next line in the sand for the bears and may be the last line, is 2902, where heavy resistance is waiting as well.
The spx looks like it is going to open near the 2888, which is a 38% retracement line and some price resistance as well. If the bulls push above that line, then we should see 2892 and 2896 with 2902 being the last line of defense before the 2910 highs. If self traders were looking for short entries, I would layer in at 2888-2896 and 2903 with a stop at 2912. I am not sure if we will see the 2903 or even the 2896, but those are the resistance levels for new entries if looking for new positions on the short side.
Today range for the spx 2888 high and 2882 low. A break of 2888 the SPX should try for the spx should try for 2892/2896. A push below 2882 we could see 2876/2871. Below 2870, I would not be surprised to see a panic trade down to 2840/2835 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Small Bearish Divergences
Resistance Levels: R1-2888 R2-2892 R3 2902
Support Levels: S1-2882 S2-2876 S3 2871
Trending Pivots: Neutral
