Extreme Investor Network has partnered with sentimenttiming.com to bring you stock Market Trading Advantages.
Morning Notes: 4/22/2022 by Gary Dean
Futures are down marginally and testing the 4355 lows (/es).
If the bears can push the price below the 4370 lows (spx), we should see a reaction trade down to 4340 and then 4310.
If you took the 4500/4520 short from yesterday, I would be closing that position or running with some type of trailing stop.
Just as I thought there would be sellers waiting at 4500/4520, I could see buyers waiting between 4340/4300.
If we see the 4300 taken out, then all bets are off and a panic sell-off would be likely.
I am not seeing buy signals yet, so expecting the 4340/4300 to get tested would make perfect sense.
I am not against that, but if we see panic selling, don’t try and catch a falling knife.
If one does take that trade, place a stop below 4200.
The upside target for the bounce would be between 4450/4520.
Until the bulls can get the price above 4450, the bears are in control of the short-term direction.
The safest trade remains with shorting rallies, but face ripping short squeezes happen within bear markets.
This one is no different. G-
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-4410 R2-4440 R3-4455
Support Pivots: S1-4370 S2-4340 S3-4300
Want to know exactly when the next turn dates are weeks in advance–try our premium service for 2 weeks free (it moves to $149.99 per month once the trial ends) Use coupon code: 2 weeks Subscribe Now (If you have ANY issues subscribing, please email me at [email protected] and I will fix the issue. Gary Dean -)