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Hi Everyone,
Futures are up marginally, but I am seeing some dark clouds looming and would not be surprised to see a 130-160 point pullback in the coming days. The bearish wedge I showed in last night video is picture perfect on the hourly /es chart and there are bearish divergences as well. The resistance is between 2883-2895-ish and the wedge target is pointing down near the 2768-2725 area. That is how I am coming up with the 130-160 point pullback. I am saying pullback because we already know when the real top is coming and the bulls have some time. But we also have a short term top date pending which could either fit for the actual short term top or may be used as a double top pattern.
If it is going to form the double top, these last 2 gap higher opens should be the beginning of the end of this move higher (doesn't mean we have to turn here or even today) just the beginning of the end. If one was to look at a daily /es chart, there is one common theme at tops-they all come with consecutive gap ups, which is exactly what we have seen on Friday and Monday. I personally like the short side from 2880-2895 with a stop above 2923. If history even mimic's the previous short term tops with these gap up consecutive days-we could see 100+ drop pending in the not so distant future. Just continue to stay in trade mode-take some off the table at support levels and look to re-short bounces. Once I see the technicals relieve some of these divergences, I have no problem looking long into the intermediate term top date.
The range SPX range for today is 2870 high and 2860 low. A break of 2870 the spx should try for 2877/2883. A push below 2860 we could see 2848/2834. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2870 R2-2877/2883
Support Levels: S1-2860 S2-2848 S3 2834
Trending Pivots: Higher
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 up marginally, but I am seeing some dark clouds looming and would not be surprised to see a 130-160 point pullback in the coming days. The bearish wedge I showed in last night video is picture perfect on the hourly /es chart and there are bearish divergences as well. The resistance is between 2883-2895-ish and the wedge target is pointing down near the 2768-2725 area. That is how I am coming up with the 130-160 point pullback. I am saying pullback because we already know when the real top is coming and the bulls have some time. But we also have a short term top date pending which could either fit for the actual short term top or may be used as a double top pattern.
If it is going to form the double top, these last 2 gap higher opens should be the beginning of the end of this move higher (doesn't mean we have to turn here or even today) just the beginning of the end. If one was to look at a daily /es chart, there is one common theme at tops-they all come with consecutive gap ups, which is exactly what we have seen on Friday and Monday. I personally like the short side from 2880-2895 with a stop above 2923. If history even mimic's the previous short term tops with these gap up consecutive days-we could see 100+ drop pending in the not so distant future. Just continue to stay in trade mode-take some off the table at support levels and look to re-short bounces. Once I see the technicals relieve some of these divergences, I have no problem looking long into the intermediate term top date.
The range SPX range for today is 2870 high and 2860 low. A break of 2870 the spx should try for 2877/2883. A push below 2860 we could see 2848/2834. G
SPX CASH 60 minute technicals
Stochastics: Overbought
Divergences- No Divergences
Resistance Levels: R1-2870 R2-2877/2883
Support Levels: S1-2860 S2-2848 S3 2834
Trending Pivots: Higher
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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.
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.