hankchef
Short

No Direction before .768 Resistance

FX:SPX500   S&P 500 Index
0. Review
Called two days ago for a break up through the .786 Resistance at 2066.7 cash (with 5 points buffer, actually it reaches 2073 with 6.3 points surplus).

Called for a retrace, it retraced to 2047 the support converted from previous resistance.

I'm not bullish or bearish long term, my sentiment on each post lasts within the prediction period, usually one or two days.

1. Analysis
Demark buy count down on 4 hr             chart.
Daily chart waiting for bar 13 to form sell count down.
This indicator has failed for many times on SP500             due to it's liability to be exploit by professionals against retailer traders.Usually it forms on one timeframe but invalidated on a higher timeframe. So I would bet against it for an invalidation on daily chart - SP             could possibly close higher tomorrow to .

2. Today's call
Retrace to 2047.5 during globex, and go back up to higher than 2058 ES.
Overnight buy order @ 2047.75, TP 2058.

Happy trading to all!
Hank


Comment: Correction:
The Demark indicator has failed for many times on SP500-0.04% due to it's liability to be exploit by professionals against retailer traders.Usually it forms on one timeframe but invalidated on a higher timeframe. So I would bet against it for an invalidation on daily chart - SP500 could possibly close higher tomorrow above 2064.1 cash .
Comment: If 2046 breaks, we will see 2040 tonight
Comment: SP to test 2057 support and bounce
Price break the TD supply line but closes under it last trading day, and retraced today as expected.

Important price levels today:
2048.75 ES (Previous swing higher on Daily chart, .618 support form SP cash 2043.5 to 2079.1 on 5 min chart)
Expect it to touch 2048.75 tonight and bounce back to 2065ES again.
correction .786 resistance
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