Bull/Bear Line-04/18/19 Morning NotesMorning Notes 04/18/19 Sentiment Timing
Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Hi Everyone,
Futures are flat, but well off the lows. We are in no man’s land when looking at the /es (SPX Futures) The 2900 support did break, but the bulls have pulled them back above once the European markets opened..SHOCKER? NOT! I have been saying that the recent run up has been all about money fleeing the Euro into our markets at any cost. It is a flight to safety trade which may be slowing down, or maybe still going. That type of information is above my pay grade, but the evidence is there that they are still around.
Yesterday's gap higher and reverse lower, which has also become the norm, failed to take out the 2895 support on the SPX. But the divergences are still there and as far as letting any steam out of this over inflated balloon, it has not done anything. So where does this all mean? Stay open minded short term (today) and let’s see how the bears react at resistance. Remember, the changing of the guard from bullish to bearish happens when we get a pullback and then fail to make new highs and take out the lows. The important levels to watch are 2918 and 2895. If the bears get below 2895 before the 2918 is broken, then I expect a reaction trade down to the 2860/2850 level, where the bulls may start paying attention.
The range SPX range for today is 2905 high and 2900 low. A break of 2905 the spx should try for 2909/2915. A push below 2900 we could see 2894/2889. G
SPX CASH 60 Minute Technicals
Stochastics: Overbought
Divergences- Bearish Divergences
Resistance Levels: R1-2905 R2-2909 R3 2915
Support Levels: S1-2900 S2-2894 S3 2889
Trending Pivots: Neutral/Lower
