Bears Still on the Field - SPX futures
The idea from yesterday is not working as I thought so I had to reevaluate what I'm seeing this morning. The general bias is still down - under the 18ma on daily and weekly, embedded bearish slow stochastic, put call ratios back to normal levels again, and more....
If we move quickly downward, there is daily BB support near 3740 on ES. That should at least pause the market but it's no guarantee that a rally would come from that support. If we are starting a C wave down all bounces will be minimal at best.
Another option is we rally hard after the NFP to the daily 18ma at 3880 area - possible for sure but unless they can hold above the 18ma by close it will be just a bull trap.
I believe many are thinking a bounce and then lower which is why I'm not so sure about a bounce at this time. A sell down with no bounce would catch the majority of longs off guard and keep short sellers from getting into a good position to sell.
Please be careful and as always - good luck!
If we move quickly downward, there is daily BB support near 3740 on ES. That should at least pause the market but it's no guarantee that a rally would come from that support. If we are starting a C wave down all bounces will be minimal at best.
Another option is we rally hard after the NFP to the daily 18ma at 3880 area - possible for sure but unless they can hold above the 18ma by close it will be just a bull trap.
I believe many are thinking a bounce and then lower which is why I'm not so sure about a bounce at this time. A sell down with no bounce would catch the majority of longs off guard and keep short sellers from getting into a good position to sell.
Please be careful and as always - good luck!
הערה:
A move up to test either the Weekly 18ma or the Daily 18 ma (they are only 20 points apart) may look like this -
הערה:
We reached the 18ma on daily and weekly, watch for reversal here. I don't trust the fast move as usual. Could go higher if so, the rally has begun
הערה:
bulls want the yellow to be support again and then move up, bearish want to see it fail
הערה:
support level reached, make it or break it time
הערה:
broke down, bear market rules still in effect. Target lower BB 3750-3730 area on ES
הערה:
lower trendline reached, probably find support here for a bit. Above 3840 and it could get bullish again....
הערה:
3800 is the level everyone is watching. If it gets taken out we probably get a fast move down to mid to low 3700 by end of day.
הערה:
unbelievable price action, they are murdering both sides as much as possible before the move. I still expect down, but over this mornings highs and that will start to look wrong....
הערה:
Daily 18ma still at 3862 on this chart - they could get to it and then reverse, trapping bulls. Just watch that level.
הערה:
18ma tagged on ES, they are stopping there - for now. I can't tell what this is, but volume has been decreasing.
הערה:
putcall on SPX is up 15 percent - bigger money is hedging
הערה:
I know it feels like a breakout but we are still in the range so far. Maybe it is, but something bothers me about this move at the moment. I'll try to study it more over the weekend.
