Battle Zone-Who Will WIN Short Term ..Morning Notes 05/02/19
Morning Notes: 05/02/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are flat this with a bear flag look to it, implying that we should see a break of yesterday's lows (2917 /es) The wedge target for this move is right around the 2895-ish area. We MAY also get some bullish divergences with new lows, so if we get a bounce in that area, it would make sense.
The SPX has a totally different pattern in place and if the bulls can push through the 2915 support, I am expecting a reaction trade down to the 2887 in the coming hours/days. That was the short term target for the 2942 trade alert from yesterday. If things do heat up in the bears camp (Not sure until we see a break of 2915) the realistic downside target would be 2810/2721 as they are the 23%-38% retracement levels, with price support as well. If the bulls come out fighting, they need to get the spx above 2932/2937 resistance zone to get out of trouble and above 2945, they will be back in control again for the short term.
We still have some time left before the "Kill Zone" so we could get some choppy tape between now and then. But as I have stated, a 23% retracement would be a normal pullback (2810) and I kind of expect that support level to be tested. I am NOT sure what road map it takes to get there. Do we come back and test the highs first? Do we head lower and it goes viral and 2810 comes in a fast manner? We will find out soon enough, but I am just watching the first short term target at 2887. Short positions from yesterday-you can either place stop at entry 2942 or give it some more room and place it at 2955.
The range SPX range for today is 2932 high and 2916 low. A break of 2932 the spx should try for 2937/2942. A push below 2916 we could see 2909/2897. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2932 R2-2937 R3 2942
Support Levels: S1-2916 S2-2909 S3 2897
Trending Pivots: Lower
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are flat this with a bear flag look to it, implying that we should see a break of yesterday's lows (2917 /es) The wedge target for this move is right around the 2895-ish area. We MAY also get some bullish divergences with new lows, so if we get a bounce in that area, it would make sense.
The SPX has a totally different pattern in place and if the bulls can push through the 2915 support, I am expecting a reaction trade down to the 2887 in the coming hours/days. That was the short term target for the 2942 trade alert from yesterday. If things do heat up in the bears camp (Not sure until we see a break of 2915) the realistic downside target would be 2810/2721 as they are the 23%-38% retracement levels, with price support as well. If the bulls come out fighting, they need to get the spx above 2932/2937 resistance zone to get out of trouble and above 2945, they will be back in control again for the short term.
We still have some time left before the "Kill Zone" so we could get some choppy tape between now and then. But as I have stated, a 23% retracement would be a normal pullback (2810) and I kind of expect that support level to be tested. I am NOT sure what road map it takes to get there. Do we come back and test the highs first? Do we head lower and it goes viral and 2810 comes in a fast manner? We will find out soon enough, but I am just watching the first short term target at 2887. Short positions from yesterday-you can either place stop at entry 2942 or give it some more room and place it at 2955.
The range SPX range for today is 2932 high and 2916 low. A break of 2932 the spx should try for 2937/2942. A push below 2916 we could see 2909/2897. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2932 R2-2937 R3 2942
Support Levels: S1-2916 S2-2909 S3 2897
Trending Pivots: Lower
MARKET SUMMARY: Stocks are vulnerable near term as advised. The interim trend still has some nominal upside time but you know that it is only “borrowed” time. This has been an unusually benign market episode. It is close to being over. “Don’t forget that all trends eventually end.”