Some concerns for the bear case - SPX DXY GOLD USOIL
After today I'm very much considering another leg up on the indexes after a bear trap tomorrow to 3850's. The 18ma weekly should act as support and IF we come down to it, the 4 hr rsi will be showing hidden bullish divergence. I'm using the video as a walk through of my thought process covering SPX DXY GOLD and USOIL. I urge caution for bears at this time. I hope it's helpful.
Komen:
at 9:20 I review my thoughts about what's going on - if you want to skip ahead.
Komen:
18ma sitting at 3863 on ES, they may panic sell to that area this morning. Still expecting that to be support at the moment.
Komen:
a fall on the hourly chart would set up a nice bullish divergence. Looking for one more low.
Komen:
still expecting lower, rsi on small time frames too hot.
Komen:
looks like a stop hunt, - if i'm right the market reverses and sells into monday
Komen:
welp, no drop. The 4hr rsi looks better now for bears - already starting to be extended. A fall and lower low on monday - tuesday and we'll have bullish divergence on the 4 hr chart. I'm still betting on it and I'm a buyer if it happens.
Komen:
surprising day, but 4 hr rsi now has good room to fall. I still expect this starting monday.
Komen:
hanging man for the weekly candle.
