Weakness Period Continues For A Few More Days--04/26/19 Morning
Morning Notes 04/26/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are pretty flat this morning and the pattern has a look and feel of a bull flag here-suggesting we could get a pop higher. I like using any pop higher to short, especially between the 2940-2950 wedge resistance zone. Maybe place a 1% stop with expectations of a move down to 2919 (Short term target) with a chance to test the 2890 or lower. That is a top picking trade set up. If you are looking for a break trade set up, you can use a break below 2937 if we make new highs or a break below 2916 if we head lower near the open. Again, a 1% stop seems reasonable until we get more information from the charts.
If we do get the bounce and new highs are made, it will set up the next set of bearish divergences and I would not be surprised to see the adv/dec internal indicator show some bearish divergences as well. Remember what I said about that indicator, we have not seen a true top hit without divergences on the NYAD. If we do get them, it doesn't mean we have to turn down right away, but it will be the final warning flare shot up to the bulls to be ready for some type of nail biter to the downside. The "Kill Zone" crash like time period still has some room to work itself out, so if we do get a nail biter down in the coming days, may end up being a good buying opportunity, but let's cross that bridge when we get there and see what the market has planned for today.
No changes on the range from yesterday. The range SPX range for today is 2934 high and 2926 low. A break of 2934 the spx should try for 2937/2942. A push below 2926 we could see 2918/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2934 R2-2937 R3 2942
Support Levels: S1-2926 S2-2918 S3 2906
Trending Pivots: Neutral
Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are pretty flat this morning and the pattern has a look and feel of a bull flag here-suggesting we could get a pop higher. I like using any pop higher to short, especially between the 2940-2950 wedge resistance zone. Maybe place a 1% stop with expectations of a move down to 2919 (Short term target) with a chance to test the 2890 or lower. That is a top picking trade set up. If you are looking for a break trade set up, you can use a break below 2937 if we make new highs or a break below 2916 if we head lower near the open. Again, a 1% stop seems reasonable until we get more information from the charts.
If we do get the bounce and new highs are made, it will set up the next set of bearish divergences and I would not be surprised to see the adv/dec internal indicator show some bearish divergences as well. Remember what I said about that indicator, we have not seen a true top hit without divergences on the NYAD. If we do get them, it doesn't mean we have to turn down right away, but it will be the final warning flare shot up to the bulls to be ready for some type of nail biter to the downside. The "Kill Zone" crash like time period still has some room to work itself out, so if we do get a nail biter down in the coming days, may end up being a good buying opportunity, but let's cross that bridge when we get there and see what the market has planned for today.
No changes on the range from yesterday. The range SPX range for today is 2934 high and 2926 low. A break of 2934 the spx should try for 2937/2942. A push below 2926 we could see 2918/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2934 R2-2937 R3 2942
Support Levels: S1-2926 S2-2918 S3 2906
Trending Pivots: Neutral