Morning Notes 06/10/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
This update was sent from Woody: MARKET COMMENTARY: 06/10/19 by Woody Dorsey: "Sentiment is coming in today at 97% bullish. The pattern allowed for strength to last into today and there is precedent for lat night highs to be that extreme. A bounce was expected and a negative week is expected now. So look for failures"
Hi Everyone,
Futures are getting yet another pop this morning, but still off the first gap open highs. I am kind of expecting the bulls to test those highs again and then we can start looking for sell triggers if they show up today. There is a lot of resistance up here and we have seen 4 gap higher open in a row with almost 160 points straight up without even a 20 point pullback. These all in-all out environments are not easy to trade, but this all in move is starting to run on fumes. Once it rolls over, I am confident we will see the move lower wipe out these gains in a matter of days, if history is our guide.
If the bulls hold on to the gap higher gains here into the open, I believe we will see the 2890 level come into play. That is where a lot of bulls got trapped on the most recent move down and many may be looking to unload at entry. If the bulls push above that sell zone, then they most likely will test the 2902 resistance zone. At some point, I am expecting A head fake move down followed by another new minor high. That would set up the bearish divergences and from a technical view, have me expecting a top to follow shortly after. But one thing to keep in mind, we don't always get bearish divergences on these type of rocket moves. So I will be looking for either some divergences or a lower low sell trigger in these areas. But let's see when the bulls decide to loosen their grip a little first.
Today range for the spx 2890 high and 2886 low. (gap numbers) A break of 2890, the SPX should try for the spx should try for 2895/2902. A push below 2886 we could see 2873/2863 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2890 R2-2894 R3 2902
Support Levels: S1-2886 S2-2873 S3 2863
Trending Pivots: Higher
Trading Environment-Short Term: Current Environment-Bearish
This update was sent from Woody: MARKET COMMENTARY: 06/10/19 by Woody Dorsey: "Sentiment is coming in today at 97% bullish. The pattern allowed for strength to last into today and there is precedent for lat night highs to be that extreme. A bounce was expected and a negative week is expected now. So look for failures"
Hi Everyone,
Futures are getting yet another pop this morning, but still off the first gap open highs. I am kind of expecting the bulls to test those highs again and then we can start looking for sell triggers if they show up today. There is a lot of resistance up here and we have seen 4 gap higher open in a row with almost 160 points straight up without even a 20 point pullback. These all in-all out environments are not easy to trade, but this all in move is starting to run on fumes. Once it rolls over, I am confident we will see the move lower wipe out these gains in a matter of days, if history is our guide.
If the bulls hold on to the gap higher gains here into the open, I believe we will see the 2890 level come into play. That is where a lot of bulls got trapped on the most recent move down and many may be looking to unload at entry. If the bulls push above that sell zone, then they most likely will test the 2902 resistance zone. At some point, I am expecting A head fake move down followed by another new minor high. That would set up the bearish divergences and from a technical view, have me expecting a top to follow shortly after. But one thing to keep in mind, we don't always get bearish divergences on these type of rocket moves. So I will be looking for either some divergences or a lower low sell trigger in these areas. But let's see when the bulls decide to loosen their grip a little first.
Today range for the spx 2890 high and 2886 low. (gap numbers) A break of 2890, the SPX should try for the spx should try for 2895/2902. A push below 2886 we could see 2873/2863 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2890 R2-2894 R3 2902
Support Levels: S1-2886 S2-2873 S3 2863
Trending Pivots: Higher
