Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone, (Woody Dorsey put a great piece together about "TIME") You can read it in our link below
Futures are up marginally this morning as the moving average buyers stepped in close to the 200 dma on the /es hourly chart. It is a tough call here when looking at the wave structure to determine where we are. We could have just made a wave 4 down and now making a wave 5 up or we could have completed the first wave down and are doing some backing and filling before the larger move lower hits. Either way, the fact that we are in a very mature wave structure hasn't changed, so the risk here is on the side of the bulls.
If we made a wave 4 down-then the next wave 5 up could/should complete the pattern and a larger move lower would be pending. If this was just the first wave down, then once this bounce completes, a larger move down could/should be on deck. From my technical expertise, looking higher is very risky from here. But the bears still need to push the spx below 2860 to gain any respect from the bulls. Below 2860 should cause a reaction trade down to the 2835/2815 support zone. The bulls need to push the spx above 2887 to gain short term control again and make the run for 2900.
The range SPX range for today is 2887 high and 2873 low. A break of 2887 the spx should try for 2892/2900. A push below 2873 we could see 2866/2860. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2887 R2-2892 R3 2900
Support Levels: S1-2873 S2-2866 S3 2860
Trending Pivots: Neutral
Hi Everyone, (Woody Dorsey put a great piece together about "TIME") You can read it in our link below
Futures are up marginally this morning as the moving average buyers stepped in close to the 200 dma on the /es hourly chart. It is a tough call here when looking at the wave structure to determine where we are. We could have just made a wave 4 down and now making a wave 5 up or we could have completed the first wave down and are doing some backing and filling before the larger move lower hits. Either way, the fact that we are in a very mature wave structure hasn't changed, so the risk here is on the side of the bulls.
If we made a wave 4 down-then the next wave 5 up could/should complete the pattern and a larger move lower would be pending. If this was just the first wave down, then once this bounce completes, a larger move down could/should be on deck. From my technical expertise, looking higher is very risky from here. But the bears still need to push the spx below 2860 to gain any respect from the bulls. Below 2860 should cause a reaction trade down to the 2835/2815 support zone. The bulls need to push the spx above 2887 to gain short term control again and make the run for 2900.
The range SPX range for today is 2887 high and 2873 low. A break of 2887 the spx should try for 2892/2900. A push below 2873 we could see 2866/2860. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2887 R2-2892 R3 2900
Support Levels: S1-2873 S2-2866 S3 2860
Trending Pivots: Neutral
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