#SPX 06/12/19 Morning Notes--Turn Today?
Morning Notes 06/11/19-Gary Dean
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone, We can move the stop back to 2910 now for that last 1/3 short from 2890.
Futures are down some this morning, but nothing crazy. The crazy part I see, we aren't gapping higher. Woody mentioned to me yesterday that this pattern has the look and feel of what happened in 1987. That is not a guarantee, just that he sees similarities. He has been pretty adamant about where this market is heading, even with that face ripping, fed induced short squeeze we just went through.
The bears need to push the spx below the 2870 level to get momentum going on the downside. If they succeed, I believe we will see a reaction trade down to the 2840-ish support. We still could get a head fake here and there, but if we are going to be heading down hard like Woody is thinking, any rallies should be sold off. The bears really need to hold the spx below 2890 to maintain somewhat control of the short term tape. It is a moving average as well as price resistance. 2825-ish should be a magnet here, even if we don't get a crash.
Today range for the spx 2890 high and 2878 low. A break of 2890, the SPX should try for the spx should try for 2904/2909. A push below 2878 we could see 2869/2852 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Small Bearish Divergences
Resistance Levels: R1-2890 R2-2904 R3 2909
Support Levels: S1-2878 S2-2869 S3 2852
Trending Pivots: Lower
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone, We can move the stop back to 2910 now for that last 1/3 short from 2890.
Futures are down some this morning, but nothing crazy. The crazy part I see, we aren't gapping higher. Woody mentioned to me yesterday that this pattern has the look and feel of what happened in 1987. That is not a guarantee, just that he sees similarities. He has been pretty adamant about where this market is heading, even with that face ripping, fed induced short squeeze we just went through.
The bears need to push the spx below the 2870 level to get momentum going on the downside. If they succeed, I believe we will see a reaction trade down to the 2840-ish support. We still could get a head fake here and there, but if we are going to be heading down hard like Woody is thinking, any rallies should be sold off. The bears really need to hold the spx below 2890 to maintain somewhat control of the short term tape. It is a moving average as well as price resistance. 2825-ish should be a magnet here, even if we don't get a crash.
Today range for the spx 2890 high and 2878 low. A break of 2890, the SPX should try for the spx should try for 2904/2909. A push below 2878 we could see 2869/2852 G-
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- Small Bearish Divergences
Resistance Levels: R1-2890 R2-2904 R3 2909
Support Levels: S1-2878 S2-2869 S3 2852
Trending Pivots: Lower
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