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The bulls are giving it another go this morning and as I have said, try not to make sense of anything, your head will explode.
Allow for 4600 to come into as discussed, but understand, it is NOT a guarantee we get up there.
Use strength to build short positions and stay in trade mode. There is an important turn date approaching, but there is still some time before that hits.
Our goals for trades are 100-300 spx points and the next setup is fitting that profile. But one needs to practice patience and don’t chase if things roll over faster than anticipated.
Simply run with a lighter position than normal and enjoy the ride.
Here is a snapshot of the /es which shows exactly what I am looking at here:
Don’t overthink things!
There are very defined sell signals in place and now the perma bulls who turned perma bears and jumping back into the bulls side-just as we are set to roll over again.
They are like dogs chasing their tails. Once they actually catch it, they fall to the ground 🙂
SPX Hourly Technicals
Stochastics: Overbought
Divergences: Bearish Divergences
Resistance Pivots: R1-4535 R2-4555 R3-4583
Support Pivots: S1-4521 S2-4490 S3-4460
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