So we had the buyers come in yesterday where they should have and it certainly looked more bullish after hours. However, overnight we've sold down back to 3700 support area. I put a pitchfork on the chart to see if it lined up with price action and it has made the levels to watch clear. If we consolidate in this area and move up, it's bullish, if we break 3650, it's bearish. I'm not sure what the EW count is at this time, but I'm clear about this structure so I'm going to follow it.
DXY is breaking out of it's wedge structure, which isn't great for equities
Transports showed a potential reversal candle (sometimes a leading indicator)
Good luck
DXY is breaking out of it's wedge structure, which isn't great for equities
Transports showed a potential reversal candle (sometimes a leading indicator)
Good luck
Comment:
spy currently under yesterday's trendline, nothing decided
Comment:
spy backtest of trendline, getting over is bullish.
Comment:
unless they can get over 371 on SPY this is looking like a short, They may stay and fight here for a while
Comment:
still holding support, a rally up to the highs again would not shock me. Hard to tell what's going to happen here. It maybe a triangle - and chop up everyone before moving decisively
Comment:
both IWM and DJT are leading to the downside - it may be a hint
Comment:
spy now over 371 which is bullish, but no decision yet on SPX. I'll just wait until it breaks one way or another. We may be forming a triangle, be careful
Comment:
make it or break it here -
Comment:
not a triangle, starting to break support.
Comment:
SHort entry if they try to get back to 3690-3700
Comment:
they bounced from the 18ma, if they hold above 3700 today, it's possible we have a correction and we're going higher. TSLA after hours will help decide it. I'm going to wait.
Comment:
another indecision candle for the day, we held the 18ma. Tomorrow should help with direction. TSLA earnings hasn't done much.
