SPX futures - watch for an unexpected rally

7 Mac 2023

This is what may be happening as an alternative to the immediate sell off. Note the 2hr rsi, how low it is again.

The end of the day may look bearish but with the RSI this low, another move higher to test 4100 is still quite possible. Support is 3990 area, Under 3950 and this idea is likely invalid.

Good Luck!

7 Mac 2023

Nota

target area reached

8 Mac 2023

Nota

we've held that support area overnight, not sure if we'll rally or just crack below this today

8 Mac 2023

Nota

we've stopped and held over the 18ma, a break blow and especially weekly close below is a confirmation to me that we're not bouncing higher.

8 Mac 2023

Nota

US DOLLAR looking like a correction is soon - daily BB resistance and daily bearish divergence. Worth a watch.

8 Mac 2023

Nota

SPY is at a downtrend here, a break above would be bullish, a break lower than the recent lows is bearish.

8 Mac 2023

Nota

looks like a breakout, invalid if we get below the lows

8 Mac 2023

Nota

failed breakout - bearish

8 Mac 2023

Nota

pitchfork boundary continues to hold - IF we get a bounce it may be nothing but a small retrace

8 Mac 2023

Nota

hourly bull divergence is playing out on futures, but it may be just a small bounce - we'll know more tomorrow

8 Mac 2023

Nota

jobless claims 830 tomorrow. should determine the markets next step. us.econoday.com/byweek.asp

9 Mac 2023

Nota

small rally this morning with the numbers is likely. I'm sort of seeing a head and shoulders on futures if this rally is minimal.

if so, the target is approximately 3650