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Futures are down marginally as the price stair steps lower.
The 4300 downside target still looks like a good landing spot, but the buy signals are still in place, and why we can’t become complacent on the short side.
But I am waiting for the bulls to show they really want to try and defend before trying the long side.
Nothing else has really changed.
There is really NO good reason to be bullish on the market or our economy and the Fed is trapped and they will not be able to save anything.
But the bounces will be fierce and why I think looking for a place to buy is best here.
If the bulls don’t show up and we continue down, I will remain a spectator from the sidelines and wait for the next trade.
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 R3-4437
Support Pivots: S1-4377 S2-4350 S3-4325
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