SPX important to hold 3900 level on any test/if any tomorrow
Ideal pathway for tomorrow is either gap down or sell after the open to mark new lows in low 3900SPX (3896-3908), then a strong reversal into Fri open
Im watching two levels for tomorrow on the upside:
- 3965-70SPX
- 4000SPX
Holding 4k will be important, as it will be a text book test of the broken down bull trend to confirm that the price has marked the top and it's on the way to make new lows.
I wont be surprised if the price overshoots to 4025-35 and even 4060+ and reverse hard from those levels.
So expect unexpected
Here is a zoomed in chart for tomorrow
Open above today's highs will be bullish. If it does, watch today's high as support.
Maj support tomorrow on closing level is 3933-34SPX, its a bear bull line at this point, closing below we will see mid 38 hundred next!
Resistance mentioned above and maj resistance is 4119-20SPX, closing above will push price to mid 41 hundred and even 4200+
Im not in that camp, but cant rule out mid 4k test as overshoot/stop run move.
Trading cycle is bearish now, all the way into 19-20th low!
Dont want 4120SPX being taken, it will flip to bullish if it does.
My trading pathway for tomorrow is to buy am lows and ride it at least into the close or at least 3960-70SPX
Im watching two levels for tomorrow on the upside:
- 3965-70SPX
- 4000SPX
Holding 4k will be important, as it will be a text book test of the broken down bull trend to confirm that the price has marked the top and it's on the way to make new lows.
I wont be surprised if the price overshoots to 4025-35 and even 4060+ and reverse hard from those levels.
So expect unexpected
Here is a zoomed in chart for tomorrow
Open above today's highs will be bullish. If it does, watch today's high as support.
Maj support tomorrow on closing level is 3933-34SPX, its a bear bull line at this point, closing below we will see mid 38 hundred next!
Resistance mentioned above and maj resistance is 4119-20SPX, closing above will push price to mid 41 hundred and even 4200+
Im not in that camp, but cant rule out mid 4k test as overshoot/stop run move.
Trading cycle is bearish now, all the way into 19-20th low!
Dont want 4120SPX being taken, it will flip to bullish if it does.
My trading pathway for tomorrow is to buy am lows and ride it at least into the close or at least 3960-70SPX
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