SPX Has a downside bias

6 Jun 2015

The ultimate oscilator has made a notable divergence and looks to be breaking to the downside of the triangle it has formed. Slow stochastics has a downside bias look to it imo. I am not planning to sell at friday's lows, although would look for observed resistance on rallies to sell the es. I believe the es & spx are in a sell the rallies mode at the moment. Until price shows me something different, I believe the es and spx could correct further. Thinking out load the es could trade to 1854 to 1879 or I am smoking to much crack.... Levels of interest next week 2115-2120 sell the rallies. Downside targets next week 2072 2034/32 Don't have a chrystal ball at the moment so please forgive me if the levels are all quackery. As always, I will use a stop if I am wrong. IMHO, not having a stop is like having sex with an aids patient, might get away with it once or twice, but eventually you will get caught. Note, I can change my mind in a moment if market conditions change.