Morning Notes 05/09/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
I have been getting request for me to post about spy and tvix as well as spx. The morning notes will be the same for spx/spy, but obviously the charts will be different. I will try my best to do mid day updates for these charts. I hope you don't mind and would appreciate the likes :)
Futures are under some selling pressure this morning and there is battle over the moving averages for the /es. The bulls are trying desperately to hold the 50/dma on the daily charts (2861) and the bears have been aggressively selling the 50/dma on the 15 minute charts (2870). If the bulls fail to hold the 50/dma line, it could set up some panic selling down to the 2820/2810 support by weeks end. If the bears fail to hold down the 50/dma 15 minute chart, then I would expect a reaction trade up to 2877/2884. There are some buy signals on the hourly chart, so I am sticking with just manage open short positions and don't press the downside. I will give you some buy/sell triggers for self-traders for the spx. Lower would make more sense from here, but we HAVE to run with our eyes wide open and look both ways before crossing! We have seen how fast this market can turn both ways.
The SPX looks like it is going too gap below yesterday's lows. I believe the first 15 minutes will give us some good information as to what to expect today. Each gap down either continues straight down and we don't see any bounces, or we have seen buyers’ step in right at the open and try and close the gap. It is one reason I almost never chase gaps in either direction. So if we see buying right at the open, do NOT be in a rush to try and short it, as a push to 2894 would not surprise me. If we continue to see selling at the open, I am expecting 2835/2825 to come into play in a fast manner. Open short positions from 2942, one can move stops down to 2912 conservative and aggressive stops 2895. For new positions, hold off for the first hour and let’s see where things stand.
The range SPX range for today is 2870 high and 2849 low.(gap numbers) A break of 2870 the spx should try for 2882/2892. A push below 2849 we could see 2837/2830. G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2870 R2-2882 R3 2892
Support Levels: S1-2849 S2-2837 S3 2830
Trending Pivots: Lower
Trading Environment-Short Term: Current Environment-Neutral/Bearish
Hi Everyone,
I have been getting request for me to post about spy and tvix as well as spx. The morning notes will be the same for spx/spy, but obviously the charts will be different. I will try my best to do mid day updates for these charts. I hope you don't mind and would appreciate the likes :)
Futures are under some selling pressure this morning and there is battle over the moving averages for the /es. The bulls are trying desperately to hold the 50/dma on the daily charts (2861) and the bears have been aggressively selling the 50/dma on the 15 minute charts (2870). If the bulls fail to hold the 50/dma line, it could set up some panic selling down to the 2820/2810 support by weeks end. If the bears fail to hold down the 50/dma 15 minute chart, then I would expect a reaction trade up to 2877/2884. There are some buy signals on the hourly chart, so I am sticking with just manage open short positions and don't press the downside. I will give you some buy/sell triggers for self-traders for the spx. Lower would make more sense from here, but we HAVE to run with our eyes wide open and look both ways before crossing! We have seen how fast this market can turn both ways.
The SPX looks like it is going too gap below yesterday's lows. I believe the first 15 minutes will give us some good information as to what to expect today. Each gap down either continues straight down and we don't see any bounces, or we have seen buyers’ step in right at the open and try and close the gap. It is one reason I almost never chase gaps in either direction. So if we see buying right at the open, do NOT be in a rush to try and short it, as a push to 2894 would not surprise me. If we continue to see selling at the open, I am expecting 2835/2825 to come into play in a fast manner. Open short positions from 2942, one can move stops down to 2912 conservative and aggressive stops 2895. For new positions, hold off for the first hour and let’s see where things stand.
The range SPX range for today is 2870 high and 2849 low.(gap numbers) A break of 2870 the spx should try for 2882/2892. A push below 2849 we could see 2837/2830. G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2870 R2-2882 R3 2892
Support Levels: S1-2849 S2-2837 S3 2830
Trending Pivots: Lower
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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.