#SPX Right Shoulder? 05/20/19 Morning Notes
Trading Environment-Short Term: Current Environment-Neutral
Hi Everyone, I will be tallying the numbers today for the weekly winner of the contest. G-
Sent 05/20/19 9:05 A.M to members--Futures are under some selling pressure again this morning after Friday's very weak close. The /ES is approaching the inverted head/shoulders support zone and if that pattern is going to play out, we should see buyers step in between the 2836/2845-ish area. My preferred pattern would be support holds and the bulls try and close the gaps above by weeks end. But the market may have something else in mind. If that support is broken, then I believe we will see the lows tested and the odds of it breaking will increase. This is why I left 1/3 of the short position open with a very lenient stop, after taking profits at/near the 2810. We can come up with road maps that we would like to see followed, but we let the market do what it is going to do.
The SPX bulls are going to have to come out quickly to try and defend the inverted head/shoulders pattern to keep it in play. The 2821 is the line in the sand and if that breaks, I believe we will see 2800/2774 come into play. Below 2774, then 2722 would be the next magnet target. I am still looking at new entries as a bit risky for either side. New short positions, if the inverted head/shoulders is in play, one would be shorting right at the bounce level. If that isn't the pattern and we head lower, 2800/2774 is some strong support. So not a lot of meat on the bone for gains and risk is high if support holds and the bulls come back swinging (2944 possible target) I am on the side of managing the last open position and giving the market a few days to work things out.
Big Range Today! Today range for the spx 2854 high and 2836 low. (Gap Numbers) A break of 2854, the SPX should try for the spx should try for 2866/2878. A push below 2836 we could see 28272815. G-
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SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2854 R2-2866 R3 2878
Support Levels: S1-2836 S2-2827 S3 2815
Hi Everyone, I will be tallying the numbers today for the weekly winner of the contest. G-
Sent 05/20/19 9:05 A.M to members--Futures are under some selling pressure again this morning after Friday's very weak close. The /ES is approaching the inverted head/shoulders support zone and if that pattern is going to play out, we should see buyers step in between the 2836/2845-ish area. My preferred pattern would be support holds and the bulls try and close the gaps above by weeks end. But the market may have something else in mind. If that support is broken, then I believe we will see the lows tested and the odds of it breaking will increase. This is why I left 1/3 of the short position open with a very lenient stop, after taking profits at/near the 2810. We can come up with road maps that we would like to see followed, but we let the market do what it is going to do.
The SPX bulls are going to have to come out quickly to try and defend the inverted head/shoulders pattern to keep it in play. The 2821 is the line in the sand and if that breaks, I believe we will see 2800/2774 come into play. Below 2774, then 2722 would be the next magnet target. I am still looking at new entries as a bit risky for either side. New short positions, if the inverted head/shoulders is in play, one would be shorting right at the bounce level. If that isn't the pattern and we head lower, 2800/2774 is some strong support. So not a lot of meat on the bone for gains and risk is high if support holds and the bulls come back swinging (2944 possible target) I am on the side of managing the last open position and giving the market a few days to work things out.
Big Range Today! Today range for the spx 2854 high and 2836 low. (Gap Numbers) A break of 2854, the SPX should try for the spx should try for 2866/2878. A push below 2836 we could see 28272815. G-
If you like our charts, please like and leave us a comment. Make sure you follow us so you can get each idea delivered to your inbox.
SPX CASH 60 minute technicals
Stochastics: Neutral
Divergences- No Divergences
Resistance Levels: R1-2854 R2-2866 R3 2878
Support Levels: S1-2836 S2-2827 S3 2815
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