Gap Higher Opens-NOT Bullish--04/03/19 Morning Notes

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Hi Everyone,

Futures are giving traders another gap higher, which is now 3 of the last 4 days and almost 85% of the entire move from the 2785 lows came within the first hour of trading. This does fit the profile for the wedge pattern I showed in last night's video, which was higher to the top of the upper trend line (with an overshoot being aloud)

I have said and will continue to say-consecutive gap higher opens at the top of the range, has proven to be short term and intermediate term tops. I do NOT believe this one will be any different than the previous 5 times we have seen this-especially with the short term top date approaching. Add to that the bearish wedge pattern, extreme sentiment readings and daily divergences, I would put a short term top approaching at above 75% chance, before, on or shortly after the short term top date.

The bulls are going to leap over the immediate resistance and look like they will open right at the 2886 resistance, which is also the top of the wedge trend line . I think they may try for 2900, just because, but 2890 and 2896 would be the next resistance levels to get over first. I continue to like layering a short position between 2886-2903 with a stop above 2920 and a potential target of 2765-2722. It is a nice risk reward set up here.
The range SPX range for today is 2886 high and 2870 low. (Gap Numbers) A break of 2886 the spx should try for 2890/2896. A push below 2870 we could see 2859/2852. G
SPX CASH 60 minute technicals

Stochastics: Overbought
Divergences- No Divergences (Maybe Bearish Divergences Today)
Resistance Levels: R1-2886 R2-2890/2896
Support Levels: S1-2870 S2-2859 S3 2852
Trending Pivots: Higher
wolfe wave my know its gonna bust through that top line
@kadar2001, You are welcome
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