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Futures are down marginally as the expected backing and filling looks to be starting.
There really isn’t much more to add than what I have gone over already.
Long term view is bearish.
The intermediate-term will change in a bear market, which allows us to TRADE both ways.
Anybody who is only looking in one direction will find themselves on a seesaw with their portfolio going from nice gains to even/down.
As I have mentioned, I am on the side of buying dips, but that will come with risks.
We have an incompetent administration who has made every wrong economic decision in history!
But we have to put that aside and trade what is in front of us.
That is more of a long-term worry in my view.
The risk in the short term, they make another stupid self-imposed mistake when we are sleeping and the markets open down 3%.
We need to see the bulls get the price above 4460 and then use it as resistance.
That would be our “let’s get long” signal.
Until then, I have no problem watching for now.
If looking to bottom fish, anywhere between 4430/4400 would be the area to start layering in long positions.
I am waiting for confirmation before jumping long. -Gary Dean
SPX Hourly Technicals
Stochastics: Overbought-ish
Divergences: Bullish Divergences
Resistance Pivots: R1-4460 R2-4470 R3-4480
Support Pivots: S1-4430 S2-4415 S3-4400
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