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Morning Notes 04/01/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are ramping up again and if recent history is our guide, the high should be hit within the first hour of trading. Technicals are supporting the idea of a high coming early in trading, but we could have 1 more try to test the 2865 highs (/ES) That should extend the bearish divergences and I would not be surprised to see sellers waiting near those highs.
In last night's video report, I laid out a couple of options and one of them was if the bulls get above the 2836 resistance, which they will be gapping over, we should see the bulls try and close the gap at 2852-ish. From the 2785 lows, the spx has moved up some 70+- points. Of that 75 points, all but 2 points will made in the first hour/gap higher. Once the cash markets opened and the first hour was behind us, it was almost all selling. I am only pointing out the fact that the majority of the points gained, have been when the cash markets were closed. Even if we continue higher, these types of foundations (Numerous Gaps Below) typically end with the building collapsing after they try and build one more story.
The lack of bearish divergences are suggesting selling at some point that finds buyers and another rally high will hit. That is not a guarantee, but we have typically saw bearish divergences before a decent pull back has hit. If the bulls continue above 2862, they may try and fill another gap that is at 2878-ish. The bears are very neat traders and after leaving a number of gaps above from the all-time highs drop, the bulls appear to be closing all of them, but unfortunately, leaving a plethora of gaps below-which most likely will get filled as well. The bears are going to have to push the spx back below 2844 to get any attention from the bulls.
The range SPX range for today is 2854 high and 2844 low (gap numbers). A break of 2854 the spx should try for 2861/2846/2874. A push below 2844 we could see 2834/2822. G
SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2854 R2-2861/2874
Support Levels: S1-2844 S2-2834 S3 2822
Trending Pivots: Higher
Morning Notes 04/01/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are ramping up again and if recent history is our guide, the high should be hit within the first hour of trading. Technicals are supporting the idea of a high coming early in trading, but we could have 1 more try to test the 2865 highs (/ES) That should extend the bearish divergences and I would not be surprised to see sellers waiting near those highs.
In last night's video report, I laid out a couple of options and one of them was if the bulls get above the 2836 resistance, which they will be gapping over, we should see the bulls try and close the gap at 2852-ish. From the 2785 lows, the spx has moved up some 70+- points. Of that 75 points, all but 2 points will made in the first hour/gap higher. Once the cash markets opened and the first hour was behind us, it was almost all selling. I am only pointing out the fact that the majority of the points gained, have been when the cash markets were closed. Even if we continue higher, these types of foundations (Numerous Gaps Below) typically end with the building collapsing after they try and build one more story.
The lack of bearish divergences are suggesting selling at some point that finds buyers and another rally high will hit. That is not a guarantee, but we have typically saw bearish divergences before a decent pull back has hit. If the bulls continue above 2862, they may try and fill another gap that is at 2878-ish. The bears are very neat traders and after leaving a number of gaps above from the all-time highs drop, the bulls appear to be closing all of them, but unfortunately, leaving a plethora of gaps below-which most likely will get filled as well. The bears are going to have to push the spx back below 2844 to get any attention from the bulls.
The range SPX range for today is 2854 high and 2844 low (gap numbers). A break of 2854 the spx should try for 2861/2846/2874. A push below 2844 we could see 2834/2822. G
SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2854 R2-2861/2874
Support Levels: S1-2844 S2-2834 S3 2822
Trending Pivots: Higher