Apparently, the market was “uncertain” today.
Somewhere between Trump retracting his Powell shade, the Fed playing PR dodgeball, and tariffs being simultaneously on and off the table… headlines were doing what they do best: explaining yesterday with confidence.
But the chart?
The chart spoke first.
We came into the session ready for bullish confirmation.
Instead, we got a clean rejection of 5400, with early signs of downside pressure before lunch.
This is why we follow price, not PR.
Today’s action didn’t invalidate the bull bias completely, but it sure made the case that bears aren’t done just yet.
Let’s unpack what we saw and where we’re headed next.
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Additional images mentioned can be seen on my main blog
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SPX Market Outlook - Structure Rejected, Futures Rolling
While the headlines continue to spin post-news confusion, the price action remains our guide.
Yesterday, we came into the session prepared for a bullish continuation, but 5400 acted as a firm barrier once again.
The daily chart showed a clear rejection, and despite the bullish lean in the morning, the structure leaned bearish by session’s end.
Now, as I write this before the cash open, overnight futures are pushing lower, indicating potential follow-through.
That doesn’t confirm anything just yet - but it does tilt the bias.
Here’s what I’m watching:
5400 = still key resistance
5300 = GEX flip level - will reassess bearish view if we break and hold below it
5000 remains the target for the Wolfe pattern continuation
Upper Bollinger tag is in - another technical sign of short-term exhaustion
No bear pulse bar yet, but a clean V-shaped reversal is visible on the chart
ADD remains near bull extreme - offering more bear potential than bull in the short term
Bias remains bearish below 5300, and I’ll reassess to add in below that level.
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GEX Analysis Update
5500 - 5400 - 5350 all look interesitng levels
5300 is the current flip point
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Expert Insights: React to Price, Not PR
❌ Mistaking news for a setup
Narratives are seductive. They come with headlines, urgency, and lots of confident pundits.
✅ Stick to the chart
Price told us today’s story long before CNBC tried to.
5400 rejection. No pulse bar. Bullish exhaustion on ADD.
That's not confusion. That's confirmation — if you're paying attention.
---
Rumour Has It…
Trump was overheard saying, “Maybe Powell’s alright. Maybe.” Dow gained 0.3% and then shrugged.
5400 is reportedly suing for emotional damages after being rejected for the third time this month.
A Wolfe Wave ghost briefly appeared on the chart, waved, and vanished near 5300.
(This section is entirely made-up satire. Probably.)
---
Fun Fact - News Always Arrives After Price
Markets don’t wait for clarity.
They move first, then the headlines scramble to explain why.
The pattern is timeless:
Price shifts.
Smart traders react.
Media catches up.
Retail says, “Oh, THAT’S why.”
Yesterday was no exception.
So if the news says “flat and uncertain,” but the chart shows a failed breakout, don’t wait for a CNBC blessing to press the button.
The system already said what it needed to say.
Somewhere between Trump retracting his Powell shade, the Fed playing PR dodgeball, and tariffs being simultaneously on and off the table… headlines were doing what they do best: explaining yesterday with confidence.
But the chart?
The chart spoke first.
We came into the session ready for bullish confirmation.
Instead, we got a clean rejection of 5400, with early signs of downside pressure before lunch.
This is why we follow price, not PR.
Today’s action didn’t invalidate the bull bias completely, but it sure made the case that bears aren’t done just yet.
Let’s unpack what we saw and where we’re headed next.
---
Additional images mentioned can be seen on my main blog
---
SPX Market Outlook - Structure Rejected, Futures Rolling
While the headlines continue to spin post-news confusion, the price action remains our guide.
Yesterday, we came into the session prepared for a bullish continuation, but 5400 acted as a firm barrier once again.
The daily chart showed a clear rejection, and despite the bullish lean in the morning, the structure leaned bearish by session’s end.
Now, as I write this before the cash open, overnight futures are pushing lower, indicating potential follow-through.
That doesn’t confirm anything just yet - but it does tilt the bias.
Here’s what I’m watching:
5400 = still key resistance
5300 = GEX flip level - will reassess bearish view if we break and hold below it
5000 remains the target for the Wolfe pattern continuation
Upper Bollinger tag is in - another technical sign of short-term exhaustion
No bear pulse bar yet, but a clean V-shaped reversal is visible on the chart
ADD remains near bull extreme - offering more bear potential than bull in the short term
Bias remains bearish below 5300, and I’ll reassess to add in below that level.
---
GEX Analysis Update
5500 - 5400 - 5350 all look interesitng levels
5300 is the current flip point
---
Expert Insights: React to Price, Not PR
❌ Mistaking news for a setup
Narratives are seductive. They come with headlines, urgency, and lots of confident pundits.
✅ Stick to the chart
Price told us today’s story long before CNBC tried to.
5400 rejection. No pulse bar. Bullish exhaustion on ADD.
That's not confusion. That's confirmation — if you're paying attention.
---
Rumour Has It…
Trump was overheard saying, “Maybe Powell’s alright. Maybe.” Dow gained 0.3% and then shrugged.
5400 is reportedly suing for emotional damages after being rejected for the third time this month.
A Wolfe Wave ghost briefly appeared on the chart, waved, and vanished near 5300.
(This section is entirely made-up satire. Probably.)
---
Fun Fact - News Always Arrives After Price
Markets don’t wait for clarity.
They move first, then the headlines scramble to explain why.
The pattern is timeless:
Price shifts.
Smart traders react.
Media catches up.
Retail says, “Oh, THAT’S why.”
Yesterday was no exception.
So if the news says “flat and uncertain,” but the chart shows a failed breakout, don’t wait for a CNBC blessing to press the button.
The system already said what it needed to say.
Full-time trader and mentor since 2001
Focusing on short term income swings with SPX options, futures and occasionally stocks.
Focusing on short term income swings with SPX options, futures and occasionally stocks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Full-time trader and mentor since 2001
Focusing on short term income swings with SPX options, futures and occasionally stocks.
Focusing on short term income swings with SPX options, futures and occasionally stocks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.