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Futures are down again this morning and the 4300 target may be a magnet.
There is little reason to be bullish, but that doesn’t mean you get complacent on the short side.
The face ripping short squeezes are not fun to be on the wrong side of, as we have seen in the past.
I am waiting for the bulls to show they want to try higher before getting long.
They haven’t shown me that yet and I will remain in a cash position for now.
We need to see the bulls get prices above 4460 to get themselves out of harm’s way.
Until that resistance is taken out, the bears are in control of the direction. -Gary Dean
SPX Hourly Technicals
Stochastics: Oversold
Divergences: Bullish Divergences
Resistance Pivots: R1-4400 R2-4420 R3-4450
Support Pivots: S1-4377 S2-4350 S3-4325
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