Sentiment Timing – Morning Notes 4/22/2022

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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.

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I am not seeing buy signals yet, so expecting the 4340/4300 to get tested would make perfect sense.

Buy there?

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
Stochastics: Oversold
Divergences: No Divergences 
Resistance Pivots: R1-4410 R2-4440 R3-4455
Support Pivots: S1-4370 S2-4340 S3-4300

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