TVIX: Start Stock Piling at 15.00 or Less..The WORST is ComingWith geopolitical issues starting to pop-up all around us in contingent with essentially a soon-to-be worldwide humanitarian crisis (migrants) and massive monetary policy easing, I believe the stock market is on its last hooray before likely a massive recession sometime in late 2020. Typically, crashes begin 4-6 months before they actually "show-up" in unemployment numbers and more "average person" data. For this reason, that is why people who use unemployment numbers as a means for "no recession is coming" has 0 credibility and does not understand how economic data works.
A lot of people like to talk about "GDP" numbers - another fake statistic. GDP is over 65% consumer spending orientated with over 18% government spending. Governments around the world are spending more now than ever before (i.e. massive US debt). Consumers with the massive amount of debt are spending more money than virtually ever before. BUT there is a difference between a "healthy consumer" and a "spending consumer". Therefore, GDP, just like unemployment numbers are lagging indicators by at-least a factor of 6 months.
I invite people to go back to 2007-2008 when many many people (including Larry Kudlow and the Federal Reserve) were propping up the eventual 08/09 crash would never happen and everything would be rosey and dandy. EXCEPT, then we had 5.5% interest as leverage, less geopolitical issues around the world, a market that isn't nearly as overextended as it is now, and treasuries that were not virtually negative in 3/4 of the world. This will be Part 2 of the 08/09 recession and Part 2 of a Great Depression from the 30s.
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One of my main thesis' is that I believe the SP will likely short squeeze somewhere in the 3000-3100 range off the backs of more cheap money and fiat currency printing (rate cuts) as a last ditch effort to drive the market higher, in which, and inevitably, fail and trap bulls tremendously. As we can see now, SP is not much off the number of 3000, however, I am not convinced we will get over 3000 again unless Powell cuts in September. If he does, I believe we can short squeeze higher.
The problem is, Powell only has about 2% of leverage left, and once thats gone, its game-over. I believe he will be back down to 0 within the next 6-8 months but at some point (and I believe that to be September/October), whether he cuts rates, eventually the market will no longer respond. Around the world, interest rates are negative, and the ECB is likely to enter further QE.
Key Points
- Recent USA conflict with Taliban/Afghanistan
- ECB likely to enter QE in mid September
- Europe humanitarian crisis from massive swaths of migrants
- Many European nations close to retraction
- USA/China trade likely to never be solved and will remain tit-for-tat as a last ditch effort to boost the USA/Chinese stock markets
- Fiat currencies will lose their value tremendously as a last and final ditch effort to prop-up stock markets (overextended bubble)
- No recession in over 10 years
- Gold will surge over 3000 and Silver over 100.00USD/oz by 2022 and will continue to remain high (or higher) through 2022, 2023, 2024 and 2025
Timing
- My thesis supports a world-wide and global major recession in late 2020, although in terms of a stock market crashing I believe we can expect a correction in 2019 or Q1 2020, with a major crash in late 2020 (when interest is at ~0.25%)
- I believe Trump will likely lose the 2020 election which will send the stock market lower based on the premonition. While recessions are a natural cyclical process - its not to say it will be Trumps fault - but rather, he will simply be the one in office when it happens
TVIX Target
- I believe in the near-term (Sept-Dec) we can expect TVIX to bounce back and forth with likely TPs around the 30.00 range. I see any dip at this point in the market as an opportunity to stock-pile TVIX.
- I believe by early 2020 TVIX could be flirting with values seen in Dec of 2018.
- I believe by late 2020 TVIX will be well over 100.00.
Final Points
- People love drawing straight lines that fail to connect with anything feasible to try to be perpetually bullish in this market. There is no question that anyone who completely understands world-wide monetary policy and geopolitics knows that within the next ~2 years we will not only enter a major recession, but rather, a world-wide currency crisis which will lead to a depression.
- I advise no one to be long in this market on equities. Swing trade? Yes if you're experienced. Use every top high near 3000 or above to sell your longs and buy shorts dirt cheap. Start stockpiling Gold and Silver on EVER possible dip and correction. Once they reach and surpass their old highs in 2020, it will be game-over and they will high for a very long time.
2020 will be a very shocking time for many. Money will be lost and there will be massive geopolitical, social and monetary issues. Be prepared and don't be foolish and throw your money away in longs in equities. None of what I have stated is hyperbole or sensationalism. I advise people to do your own research and look back in history.
zSplit
TVIX
08/27/19 Sentiment Timing Morning NotesTrading 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
TVIX - PT $48TVIX appears to like the .5% retracement levels of previous High/Lows. Looking at this setup, that would put the take profit right around $48 for this move.
Good luck!
Note: Not trading or investment advice. Entertainment only.
Controlling Your Emotions/Video Report Hi Everyone,
I put this out yesterday to our free email list..sorry for the delay. Be sure to check out the free video report in the link below,
What a wild ride last week was for the stock market! Both sides have been forced into overdrive to sell their views on main stream media. Our turn dates and sentiment data has kept us from having to listen to the garbage they have been selling, as anyone talking is pretty much just pushing their own agenda. Trading with little or no volatility is a totally different animal then trading when we have volatility, like now.
When there is no volatility, a trader can just hold a long position and not have to do much thinking. Sometimes the hardest part is just holding and doing nothing, because most times when there is no volatility, the move doesn't make sense. Patterns, divergences, internals, turn dates get ignored and we see a series of Bullish Sentiment readings before the market roles over. There is almost always an underlying reason why volatility vanishes, and it almost always has to do with central banks!
VOLATILITY IS HERE AND NOT GOING ANYWHERE ANYTIME SOON-when looking at the short/intermediate term low dates Woody has given. Here is the best way to trade a volatile market.
CONTROL YOUR EMOTIONS!! Understand and accept that one has to trade a volatile market! When volatility is here, you are going to get massive moves in both directions, as we have seen over the past 2 weeks. As I just explained, when there is no volatility, the hardest part is just doing nothing and holding onto your long position. But in a volatile market, the hardest part is taking some of your short position off when we see an extreme bearish sentiment readings and we are nearing support.
Unlike low volatility periods where we can see 5-6 extreme bullish sentiment reading before price reacts, we often see only 1 or 2 extreme bearish sentiment readings before price reacts. And when it reacts, it is almost always a spike 75-125+ point rally in a very FAST MANNER. Most traders fail miserably trading in volatile markets, because they just hold their positions and don't take profits and re-enter the position, which allows your emotions to become activated. When we get these massive counter trend rallies, the media starts talking about why low is in and all one hears is how great things are again. One watches a short trade that was +$8000, shrink to +$5000 to +$2000 in a matter of hours/days. Then the little voice in your head becomes activated, you know the one that makes you do the wrong thing at the exact wrong time! (your emotions!) Then when you can't watch your winning trade dwindle anymore, you just pull the trigger and get out of the position, happy you made some money, but angry you let $6000 waste away.
If you are a trader, I think you know what comes next..you wake up to see the SP500 futures down 25 and wait for a bounce to get short again. That bounce doesn't come and guess who gets activated again, that little voice in your head saying-just jump short, you have been waiting for this move and now you are missing it!! You can't watch anymore and pull the trigger on a short trade, some 50-75 SP500 points below where you covered. We get an extreme bearish sentiment reading and the next support level holds and you find yourself in a short trade that is underwater!
How You Can Control Your Emotions In A Volatile Market..
Have a trading plan!! Scale in and out of a portion of your trade. When there is an extreme bearish sentiment reading and the SP500 is nearing support, take 1/2 the position off and look to re-enter at the expected top date given by Woody-which often comes with an extreme bullish sentiment reading. The 2% bullish sentiment reading (everyone was bearish) on 08/05 hit as the SP500 was nearing support. The preferred timing pattern in our premium report was for strength into 08/12. The top hit on 08/13 with a 90% bullish sentiment reading, just as the SP500 was hitting resistance. 08/14, the SP500 dropped 80+ points, registered a 0% bullish sentiment reading as the SP500 was nearing support. Needless to say, the SP500 is now some 60 points off the lows.
The turn dates and extreme sentiment readings, combined with support/resistance has worked out great. Will it always work that way? Absolutely not! So let's tie controlling your emotions to trade example. You in a short position and up $10,000 on the trade and we get an extreme bearish sentiment reading and support is not far beneath. Following the scale in/out game plan, you close 1/2 the position and lock in $5000 profits. What do you want the market to do-move up or down? If it moves up, you are now waiting to buy back the short position you closed at a better price. If support does hold and the move down goes viral, you already locked in some profits and still holding 1/2 a position. I have had worse tings happen to me then in a winning trade with 1/2 a position instead of a full position. You have silenced the little guy in your head, because whatever the SP500 did, you were ready for it!! Part II will go over position size and scaling out of short into a long position. Have a great day--G
08/14/19 Morning NotesMorning Notes 08/14/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Sentiment Update from Woody: "Sentiment cam in today at 90% bullish after the big news yesterday but as we see nothing has really changed. There are still profiles for lower but the most important message may be just pure volatility both ways."
Yesterday is looking more and more like a massive short squeeze based off of hope that the US/China can work out a deal in the next 2 weeks. I mentioned it in last night's video report that the only way we strike a deal with China, is if President Trump pretty much folds on at least 75% of what he is asking for from China. If tariffs continue to get placed on China goods, they are holding a gun as we are throwing stones at them. China owns 5% of our debt and is the single largest holder of the 22 trillion dollar debt.
If we ever got into a full blown trade war with China, they can simply toss that 1.1 trillion the hold back to us, which would pretty much cripple our economy and the world economy. I don't believe it will ever come to that, as they also have time o their hands. Elections are in 15 months and I do not believe we will be in this trade war with China come 1 year from now and I do not believe it will be China that folds to demands made by President Trump-it will be Trump that folds on 75% of the demands and calls it a victory, because he got 25% of what he was looking for-and that is better than what any other President has done. Tariffs will be removed and we will be pretty much exactly where we started before all of this took place. I am NOT an economist and this is just me thinking out loud-so if dead wrong, that is my excuse ;)
The /es is trying to hold the 2888 support and if they lose that, we most likely will be testing yesterday's lows. With the talk of a recession because of the inverted 2/10, I don't believe it will hold if we get down there and 2851 would be the next stop. The /es bulls need to get price back above 2914 to get themselves out of harms way. If they succeed, then I believe we test yesterday's highs and most likely head to the 2950-ish area. This doesn't have to be today, just pivot levels and reaction targets if support/resistance breaks.
The SPX looks like it is going to open close 2885 bull/bear line and if that is taken out, I think we could see 2866/2845 in a fast manner. The bulls will have to push price back above 2918 to gain short term control. We are pretty overbought on all time frames and there are now bearish divergences on the 60's, so the ball is in the bears court, let's see if the Fed or some other news saves the day again. 2720 has been and remains my downside target-where I do expect a massive short squeeze rally to hit, before the next leg down starts. That is a ways away and many things can change, so that is just an observation, not a trade recommendation.
Today’s range: 2899 high and 2884 low. (Gap Numbers) A break of 2899, the spx should try for 2908/2918. A Break below 2884 should try for 2873/2862/2850. G
SPX CASH 60 minute Technicals
Stochastics: Overbought-ish
Divergences- Bearish Divergences
Resistance Levels: R1-2899 R2-2908 R3 2918
Support Levels: S1-2884 S2-2873 S3 2862/2850
Trending Pivots: Lower
08/12/19 Morning Notes-Bullish/Bearish PatternsTrading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are some more selling pressure this morning, BUT from a technical view, it looks more like a consolidation pattern on the /es instead of a breakdown. The pattern is a text book bull flag which is suggesting we still may see higher before lower. If that pattern fails, it would make perfect sense to me from an overall pattern view, which is the bearish reverse symmetrical triangle pattern I have been showing. The best way to view today's open is with an open mind! The short term pattern is bullish and the intermediate term pattern is bearish. The bulls need to get the /es above 2912 to get momentum going and then get above 2943 to trigger the bull flag higher. The bears need to push the /es below 2880 to negate the bulls flag and trigger some selling.
The SPX looks like it is going to open near Friday's lows and if they are going to try and keep a bull flag look and feel, the bulls will have to hold price above 2885-ish. If we see price trading below that level and is accepted by traders (not a quick drop and rally back above) then I believe we could see a reaction trade down to the 2845 area. If the bulls defend the bull flag pattern, they would need to get price back above 2938 to trigger the bull flag, where I believe a reaction trade up to 2948/2962 would follow. Short term, I would hold off getting too bear-ed up and IF we see some buyers step in, look to short above 2950 up to 2984 for the intermediate term pattern which is bearish.
Today’s range: 2913 high and 2900 low. A break of 2913, the spx should try for 2918/2932. A Break below 2900 should try for 2884/2865. G
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2913 R2-2918 R3 2932
Support Levels: S1-2900 S2-2884 S3 2865
Trending Pivots: Lower
08/05/19 Morning NotesMorning Notes 08/05/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
The futures are under some serious selling pressure, which was expected once a top was in place. We have seen this movie before and as frustrating as it is when patterns, dates and expectation of market direction don't follow the preferred road map set forth, it is often exaggerated and on steroids once the "ignored turn" does hit. It took the bulls 1 1/2 months to get from 2879 to 303 and just 3 days to wipe out that entire move. This is not a "I told you so" statement, anything but that actually. The market did not do what we expected, but one thing that was pressed, even though we had this non-stop fed/central bank rally, "it didn't make the long side any safer" The /es has about 20 points before it test the "panic line" I have been showing for the past couple of month (2965) Below that support, I would not be surprised to see sub 2800 in a very fast manner. It is quite oversold, but I am not seeing any real buy signals yet.
The SPX looks like it is going too open near the 2890 support and if they lose that line, we should see a test of the 2865 panic line. Like the /ES, if the bears can press below that level, we should see sub 2800 in a very fast manner. Remember, there is that larger bearish wedge with a target near 2700 that I have been showing. I am not sure it gets there on this move, but that pattern target makes perfect sense in the coming weeks. One thing we have to keep in mind and I will repeat often, we didn't have a bearish divergences on the adv/decline (NYAD) when we topped and if history is our guide, the highs will be tested or even broken before an intermediate term top is in place. That doesn't mean we can't head down and test the 2700 level, it just means there are pretty good odds we will be back up in the 3000's once a low is formed (Fed panic rate cut jaw-boning again?)
2910 is going to be the resistance level the bears need to hold the bulls down to continue gathering momentum on the downside. Above 2983, the bulls will be in control again, so the bears do have some wiggle room here. Watch the 2875, that is where I see panic selling down to the 2840-ish support if taken out.
Today range for the spx 2913 high and 2890 low. A break of 2913 the SPX should try for the spx should try for 2930/2943 A push below 2890 we could see 2882/2874. G-
SPX CASH 60 minute Technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2913 R2-2930 R3 2943
Support Levels: S1-2890 S2-2882 S3 2874
Trending Pivots: Lower
Market Message from Woody Dorsey: MARKET MESSAGE: "Stocks in obvious overt failure. Augusts can be brutal. Do not buy breaks. Gold accelerating up into expected Top dates. Crypto profile running up hard again out of base."
Short -4h- untill: Pull back at resistance +/- 15,25-15,75SHORT On short term:
Full STO at 87+
RSI toped at 75+
CCI declining 149
LONG On long term:
Buying at resistance +/- 15,25-15,75
SP500 possible begining diagnol ??I feel as if the drop may have ended today (Friday). We shall see. By the way, the price action for the SP 500 perfectly touched that ascending neck line of this possible head and shoulders, before dropping. Things that make you go hmmmm.
Lastly, I was just not that impressed with the Vix and Tvix move. Kind of weak...is that telling us something?
08/02/19 Morning NotesMorning Notes 08/02/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
To say we have an officiant market is just crazy talk. Computers are trading against computers and retail traders get whip sawed and caught in (Spx) 40 point moves up/down in minutes, NOT HOURS! Algos are programmed to look for key words which will trigger a buy/sell program. This morning crazy news was that "Trump said he would hold off the 10% tariffs on China" buy buy buy "IF they take action by the September 1 deadline" sell sell sell!
The /es was at some support before the "Algo/China News" buy program kicked in and sent the the /es from 2933 to 2960 in 2 minutes. The crazy part, the buy program brought the /es right into resistance and then the sell program hit. So we are right in the middle and those up/down lines can be our eyes for short term direction. /es Above 2960 should have a reaction trade up to 2969 and below 2933 there should be a reaction trade down to 2915-ish.
Today range for the spx 2953 high and 2944 low. A break of 2953 the SPX should try for the spx should try for 2963/2977 A push below 2944 we could see 2930/2913. Have a great weekend! G-
SPX CASH 60 minute Technicals
Stochastics: Oversold-ish
Divergences- No Divergences
Resistance Levels: R1-2953 R2-2963 R3 2977
Support Levels: S1-2944 S2-2930 S3 2913
Trending Pivots: Lower
Morning Notes-07/30/19Morning Notes 07/30/19-Gary Dean
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are down this morning and the bearish wedge was triggered. The target for the pattern is right around the 2985-ish, which also matches up with the 23% retracement line. It is already trading below the 200 dma on the 60 minute charts and that is giving the target line more credibility here. But there is support at the 2998 lows, so that is what the bears must bust through first to see a reaction trade down to the 2985 level. If we see buyers step in at the 2998, I would want to see the bears defend 3009/2019 to show they mean business as far as trying for the downside target.
For the SPX, the "gap omen" from Friday looks like it will be closed at the open, but there will also be 2 open gaps above, which most likely will get closed before any meaningful drop hits-if history is our guide. 2990-2985 is the pattern target for the SPX bearish wedge pattern and I believe we could see that sooner rather than later. If we do see buyers step in at that support zone and the bears can hold down any rally attempt below 3020, we could be making the right shoulder of a bearish head/shoulders pattern. For now, lets see if the bears can get to the pattern target between 2990/2985 and worry about future patterns later.
Today range for the spx 3014 high and 3007 low. (gap numbers) A break of 3014 the SPX should try for the spx should try for 3019/3025 A push below 3007 we could see 2996/2988. G-
SPX CASH 60 minute Technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-3014 R2-3019 R3 3025
Support Levels: S1-3007 S2-2996 S3 2988
Trending Pivots: Lower
Morning Notes 07/29/19Morning Notes 07/29/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are pretty flat this morning as we head into "how much will the Fed cut rates" week. There is yet another bearish wedge pattern now on the /es. It is smaller than the pattern I have been showing on the daily SPX charts, but it is a clear pattern with target. This pattern does allow for an over shoot of the top of the wedge, which is currently right around /es 3035-ish. The target for this set up is around 2989, depending on when it heads down there. The longer it takes, the lower the target goes. Bearish divergences, internals and sentiment are supporting this pattern as well.
There is the same pattern on the spx 15 minute charts that is pointing to a target near the 2985 as well. But price is already at the top of the wedge, so any further strength would be the over-shoot I just mentioned above. I still believe we could see 3033-3040, which is the top of the bear flag channel as well as the larger daily bearish wedge. But we need to see the bears push the spx below 3015 to even look at a short term top. The more important support level the bears need to push through remain at 2996. Until then, the bulls will hang around.
Today range for the spx 3027 high and 3017 low. A break of 3027 the SPX should try for the spx should try for 3030/3035 A push below 3017 we could see 3012/3006. G-
SPX CASH 60 minute Technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-3027 R2-3030 R3 3035
Support Levels: S1-3017 S2-3012 S3 3006
Trending Pivots: Higher
07/24/19 Sentiment Timing Morning NotesMorning Notes 07/24/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are down some this morning, but try to bounce off of the now crossing up 50/200 dma on the hourly chart. Momentum is quite overbought and rolling over, so the bears have some gas in the tank if they wish to try lower. The fact that the bulls fails to push through resistance yesterday, does give the bears something to work off of, let's see if they try and follow through today.
2992 is where the bulls have to defend and the bears need to push through on the SPX 60 minute chart. I mentioned a triangle in yesterday's report and that pattern is still in play, since no new highs were made within that pattern. But the bears have some work to do to break through the bottom of the triangle and set the pattern in motion. (2980) If they succeed, then the pattern would be suggestion a reaction trade down to the 2950-ish area. If the bulls push above 3006, the pattern will be negated and something else is going on.
Today range for the spx 3006 high and 2996 low. A break of 3006 the SPX should try for the spx should try for 3010/3014 A push below 2996 we could see 2991/2982. G-
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-3006 R2-3010 R3 3014
Support Levels: S1-2996 S2-2991 S3 2982
Trending Pivots: Neutral
SPX500 - Bearish Views and Expanded FlatsIt's cliché to be a stock market bear these days but I find it healthy to attempt to do so so long as there is a wave count and reference level one can stick to.
Turning to the chart, it appears we are struggling to break through to new highs in the $3,000+ area. This could suggest one of two things: (1) as shown in yellow, that the entire move up from the Christmas Low is a wave B of an expanded flat requiring another retest of the Low; or (2) as shown in green, that the move up from the June low is a wave B of an expanded flat requiring a significant drop in order to push to new ATHs in the short-term.
*Assuming the U.S. Index is bearish* (by staying under 3005) we would know the severity of the drop to be expected at around the 2666 level.
This setup has been triggered on the 4H by what appears to be a running ABC correction pictured below.
Sentiment Timing Morning Notes 07/22/19Morning Notes 07/22/19-Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Futures are up some this morning, but right at a pivotal point here. The /es has to get above the 50/200 ma's which have crossed to the downside (2989/2994) The crossing of the averages is your basic technical analysis, but I use it to learn more about what is going on with the current "Fed Induced" spike rally from 2720 lows. Looking at just the /es (SPX futures) we have not had a 50/200 crossing to the downside since that started, so seeing one now does give us some important information, this rally is running on fumes right now. From a history view, the previous 50/200 crossing down has produced between 80-90 point down moves. With that information and using history as our guide, we should still see about 65-ish more points down before a low is in place.
I do want to want to be very clear, just because previous crossing ma's have produced 80-90 points down before resuming higher, doesn't mean it has to just drop 80-90 points and it will be a great buying opportunity! The patterns-technical's and time are much different now than then. If the pattern that is in place (80-90 points down) is going to be wrong, it will be wrong with more downside, not less. We are as overextended as I have seen these markets in years. I am still on the side that we will be testing the 2800/2700 area if/when the top is in place. But for now, lets see how the bears/bulls react at the 2989/2994 resistance zone.
Today range for the spx 2991 high and 2978 low (gap Numbers) A break of 2991 the SPX should try for the spx should try for 3000/3006 A push below 2978 we could see 2972/2964. G-
SPX CASH 60 minute Technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2991 R2-3000 R3 3006
Support Levels: S1-2978 S2-2972 S3 2964
Trending Pivots: Neutral/Lower
taking 3% lossfed comments killed this thing wow was that ever a turn around. Dow was down 150 points, but it quickly swung back to green
"Fed’s Williams hints at more aggressive rate cuts: ‘Better to take preventative measures", CNBC