$spy $spx $spxl $spxs What is going on!? Did everyone just get a stunt pulled on them? The futures chart has not made new highs yet which still leaves room for this being a big corrective drop to (C). Let's see what happens! We're on a razor's edge of knowing..
Pattern: 1D Ascending Triangle. Signal: (A) Bullish if the 4H MA200 breaks or (B) if the 4H Support holds within the pattern. Target: (A) 3010 and (B) 2930.
Sometimes after a great deal of TA the underlying direction is not clear enough to trade off of. What a week, and what an FOMC meeting. Jerome Powell is certainly improving his communication. Some catalyst news concerns this week primarily are: The G20 Osaka Summit will be held from June 28 to 29, 2019 in Japan. (Thursday/Friday) Revisions to last months...
I'm going long here, with sentiment clearly bearish after the China headlines and very short-term nitpicky technical weakness. Even bears accept (are hoping for a dip) to 2,750. Any dip down would be with some clear technical divergences, which tells me everyone is waiting to buy down there. I'll take a shot being early. I'll buy SPY and QQQ Calls - early June...
SPX broke the short-term downtrend yesterday, but technicals didn't really confirm and we're seeing no follow-through today. We also saw pretty much an immediate reversal back to the support. We should bounce off support (looks like we are as I write this), but resistance is right up overhead. If we go back down and support doesn't hold, next stop would likely...
Everything coiling up nicely for a downshot
Some possible trade zones for the upcoming session. Look to the 2600 area to find some support, however, if it takes out that area, look to go to the next support areas. ES