2913 Bull/Bear Line--04/24 Weakness Date--Morning Notes
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Morning Notes 04/25/19
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Futures are looking like a turkey wishbone here, with the Dow down pretty hard, Nasdaq up pretty hard and the spx stuck nowhere. Not sure this will last the entire day, so expecting one side to win makes sense. Obviously the timing piece for weakness from 04/24 to 04/29 is suggesting the bears will win and the other indexes will follow the Dow, but we still need to see the bears break any support levels first, which they have failed every time.
If we see the spx follow the Nasdaq near the open, I don't think it will last long. I mentioned yesterday that another higher high would set up divergences on the 60 minute charts and that still holds true, since no new highs were hit yesterday (/es) The short term pattern looks like a bull flag, which is suggesting we could get the final spike higher at some point, but again, I don't believe it will last long if that does take place. We have a defined range and whoever wins this battle, will win the short term direction. If the bears win, I wouldn't be surprised to see a larger break to the downside than if the bulls win and get a spike higher. This market looks exhausted here and can turn anytime and make sense.
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 2913/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2934 R2-2937 R3 2942
Support Levels: S1-2926 S2-2913 S3 2906
Trending Pivots: Neutral
Quick Note: We are doing the co-marketing program with some other newsletters. If you are interested, there is no obligation at all-just register and you get all of the newsletters involved free-See link below in the signature section. It will help us out as well-so thanks in advance. G-
Morning Notes 04/25/19
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Futures are looking like a turkey wishbone here, with the Dow down pretty hard, Nasdaq up pretty hard and the spx stuck nowhere. Not sure this will last the entire day, so expecting one side to win makes sense. Obviously the timing piece for weakness from 04/24 to 04/29 is suggesting the bears will win and the other indexes will follow the Dow, but we still need to see the bears break any support levels first, which they have failed every time.
If we see the spx follow the Nasdaq near the open, I don't think it will last long. I mentioned yesterday that another higher high would set up divergences on the 60 minute charts and that still holds true, since no new highs were hit yesterday (/es) The short term pattern looks like a bull flag, which is suggesting we could get the final spike higher at some point, but again, I don't believe it will last long if that does take place. We have a defined range and whoever wins this battle, will win the short term direction. If the bears win, I wouldn't be surprised to see a larger break to the downside than if the bulls win and get a spike higher. This market looks exhausted here and can turn anytime and make sense.
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 2913/2906. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2934 R2-2937 R3 2942
Support Levels: S1-2926 S2-2913 S3 2906
Trending Pivots: Neutral