05/10/19 Morning Notes-SPY Pivots
Morning Notes: 05/10/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
Futures are under some selling pressure this morning, but well off the lows we made yesterday. The bulls are trying to form some bullish divergences and I would stick with a hold rec here. The 2942 short was a great entry and let's just manage that position with stops. As Woody mentioned yesterday, we are not in the "Kill Zone" time period yet and the set up to lore everybody back into the shark infested waters, is to let them think the waters are safe by bouncing the spx back near or above the previous highs as we head into the hard downside time period.
With that said, where will the markets find a low? That is hard to say, but if the bears push the spx below 2836, I think we could see 2814/2810/2797 come into play in the coming days. One may be asking-if those are the targets, why wouldn't I just short? From my view, I think the risk out-ways the reward from these levels. That may end up being wrong and we see the spx trading down near the 2722 short term target 2, but we could also see some type of double bottom and the bulls ramp up the indexes. If you want to just jump, I would use a break of 2836 to short and place a stop at 2873. Do you see what I mean by risk/reward not being there? That is a big spread for a scalp trade, but could end up working out. Just not for me, but may be worth it for some of you out there.
I am more on the side of looking to scale out instead of in. If I see 2810, I would be more incline to take 1/3 of the position off and move the remaining position stops lower. That will lock in some profits and still have a position if this move lower goes viral. And this is why we only give pivots/short long and stops, everyone has a different trading style. But I am going to move my stop down to 2903 and if we see 2810-ish come into play, start scaling out of my position.
The range SPX range for today is 2872 high and 2847 low.(gap numbers) A break of 2876 the spx should try for 2879/2898. A push below 2847 we could see 2836/2820. Have A Great Weekend!! G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2872 R2-2879 R3 2898
Support Levels: S1-2847 S2-2836 S3 2820
Trending Pivots: Lower
If you like our post and would like to continue seeing them, please help us grow our network-Thanks You!!
1.) like our post with a thumbs up (each post)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Hi Everyone,
Futures are under some selling pressure this morning, but well off the lows we made yesterday. The bulls are trying to form some bullish divergences and I would stick with a hold rec here. The 2942 short was a great entry and let's just manage that position with stops. As Woody mentioned yesterday, we are not in the "Kill Zone" time period yet and the set up to lore everybody back into the shark infested waters, is to let them think the waters are safe by bouncing the spx back near or above the previous highs as we head into the hard downside time period.
With that said, where will the markets find a low? That is hard to say, but if the bears push the spx below 2836, I think we could see 2814/2810/2797 come into play in the coming days. One may be asking-if those are the targets, why wouldn't I just short? From my view, I think the risk out-ways the reward from these levels. That may end up being wrong and we see the spx trading down near the 2722 short term target 2, but we could also see some type of double bottom and the bulls ramp up the indexes. If you want to just jump, I would use a break of 2836 to short and place a stop at 2873. Do you see what I mean by risk/reward not being there? That is a big spread for a scalp trade, but could end up working out. Just not for me, but may be worth it for some of you out there.
I am more on the side of looking to scale out instead of in. If I see 2810, I would be more incline to take 1/3 of the position off and move the remaining position stops lower. That will lock in some profits and still have a position if this move lower goes viral. And this is why we only give pivots/short long and stops, everyone has a different trading style. But I am going to move my stop down to 2903 and if we see 2810-ish come into play, start scaling out of my position.
The range SPX range for today is 2872 high and 2847 low.(gap numbers) A break of 2876 the spx should try for 2879/2898. A push below 2847 we could see 2836/2820. Have A Great Weekend!! G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2872 R2-2879 R3 2898
Support Levels: S1-2847 S2-2836 S3 2820
Trending Pivots: Lower
If you like our post and would like to continue seeing them, please help us grow our network-Thanks You!!
1.) like our post with a thumbs up (each post)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Related publications
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.