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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are getting yet another pop this morning as money is trying to flee the Euro as fast as possible. It is quite obvious with the only buying being done in our markets is in overnight trading.The toughest part about trying to analyze an outside force buying to "protect money" one never knows when they are finished or at least slowing down. Everybody ends up being wrong at some point. The wave counters looking at a wave 3 of 3 up to 5000 on the spx will have to recount their structure, the technicians looking at the no volume melt up with divergences will be wrong when they are in buy mode like they are now and the "this market will never go down" bulls will be looking at each other asking, what just happened?
For now, they still seem to be in buy mode and the overnight trading is the only game in town for the bulls.
Until we see important support levels taken out, the bulls will hang around and buy the cash market dips hoping the overnight crew will continue to buy, like they have been for the last few months. The 2920 resistance most likely will still find sellers and it has been a target of mine since the 2350's. I just never expected them to get here in this manner-straight up without any real test to the downside. But that is what happens when the protection of money trade is in play. The patterns are still there with the bearish wedge looking for a drop below 2800 and closer to the 2720 area as well as the gap omen trade from Friday and now today. We don't see 2 of them come this quickly, so if we see selling from the open, it would not surprise me. Maybe the bears need to fill the 2923 level before selling? I have said, they are a very clean trader and do not like open gaps.
The range SPX range for today is 2916 high and 2911 low. (Gap Numbers) A break of 2916 the spx should try for 2919/2923. A push below 2911 we could see 2902/2896. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2916 R2-2919 R3 2923
Support Levels: S1-2911 S2-2902 S3 2896
Trending Pivots: Higher
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
Hi Everyone,
Futures are getting yet another pop this morning as money is trying to flee the Euro as fast as possible. It is quite obvious with the only buying being done in our markets is in overnight trading.The toughest part about trying to analyze an outside force buying to "protect money" one never knows when they are finished or at least slowing down. Everybody ends up being wrong at some point. The wave counters looking at a wave 3 of 3 up to 5000 on the spx will have to recount their structure, the technicians looking at the no volume melt up with divergences will be wrong when they are in buy mode like they are now and the "this market will never go down" bulls will be looking at each other asking, what just happened?
For now, they still seem to be in buy mode and the overnight trading is the only game in town for the bulls.
Until we see important support levels taken out, the bulls will hang around and buy the cash market dips hoping the overnight crew will continue to buy, like they have been for the last few months. The 2920 resistance most likely will still find sellers and it has been a target of mine since the 2350's. I just never expected them to get here in this manner-straight up without any real test to the downside. But that is what happens when the protection of money trade is in play. The patterns are still there with the bearish wedge looking for a drop below 2800 and closer to the 2720 area as well as the gap omen trade from Friday and now today. We don't see 2 of them come this quickly, so if we see selling from the open, it would not surprise me. Maybe the bears need to fill the 2923 level before selling? I have said, they are a very clean trader and do not like open gaps.
The range SPX range for today is 2916 high and 2911 low. (Gap Numbers) A break of 2916 the spx should try for 2919/2923. A push below 2911 we could see 2902/2896. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2916 R2-2919 R3 2923
Support Levels: S1-2911 S2-2902 S3 2896
Trending Pivots: Higher