08/27/19 Sentiment Timing Morning Notes
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
The SPX is going to gap higher again this morning (Shocker) and if they stay where they are at the open, the spx will be some 55 points off the lows with 51 of those points coming without a cash trade. It may sound like you have read this sentence before and that is because you have-with EVERY move higher we have made since the 08/05 lows. I guess if you can only move higher in overnight trading, you continue that play until the defense figures out how to stop it-if they want to stop it.
If the bears are the smart ones here and know very well, once the bots stop the gap higher opens, we simply fall back down to the lows, why wouldn't they cover near the lows and simply short the top of the range, most likely after 4 or 5 straight gap higher opens and 95% of the entire move higher? If they are going to stick to the exact playbook, we should see another day or two of gap higher opens and the spx back near the 2940-ish range. But resistance on the /es is approaching (2903) and there are bearish divergences in place already. If the pattern is going to fail, it will be to the downside, meaning the gap higher bulls don't make it to the top of the range.
2893 is the resistance line for the SPX and it looks like we may open right there this morning. I am thinking of building a short position from the 2893 up to the 2940 area, using the following pivots as entries: 2893-2920-2940 with a stop above 2960. I would not be surprised to see 2920 come into play in the coming hours/days.
Today’s range: 2893 high and 2885 low. (Gap Numbers) A break of 2893, the spx should try for 2904/2919. A Break below 2885 should try for 2876/2863. G
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2893 R2-2904 R3 2919
Support Levels: S1-2885 S2-2876 S3 2863
Trending Pivots: Higher
Hi Everyone,
The SPX is going to gap higher again this morning (Shocker) and if they stay where they are at the open, the spx will be some 55 points off the lows with 51 of those points coming without a cash trade. It may sound like you have read this sentence before and that is because you have-with EVERY move higher we have made since the 08/05 lows. I guess if you can only move higher in overnight trading, you continue that play until the defense figures out how to stop it-if they want to stop it.
If the bears are the smart ones here and know very well, once the bots stop the gap higher opens, we simply fall back down to the lows, why wouldn't they cover near the lows and simply short the top of the range, most likely after 4 or 5 straight gap higher opens and 95% of the entire move higher? If they are going to stick to the exact playbook, we should see another day or two of gap higher opens and the spx back near the 2940-ish range. But resistance on the /es is approaching (2903) and there are bearish divergences in place already. If the pattern is going to fail, it will be to the downside, meaning the gap higher bulls don't make it to the top of the range.
2893 is the resistance line for the SPX and it looks like we may open right there this morning. I am thinking of building a short position from the 2893 up to the 2940 area, using the following pivots as entries: 2893-2920-2940 with a stop above 2960. I would not be surprised to see 2920 come into play in the coming hours/days.
Today’s range: 2893 high and 2885 low. (Gap Numbers) A break of 2893, the spx should try for 2904/2919. A Break below 2885 should try for 2876/2863. G
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2893 R2-2904 R3 2919
Support Levels: S1-2885 S2-2876 S3 2863
Trending Pivots: Higher
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