Sentiment Timing – Morning Notes 4/25/2022

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Morning Notes: 4/25/2022 by Gary Dean

Futures are down 19, but well off the lows when they were down as much as 35+.

I really am NOT seeing true buy signals yet, but momentum is quite oversold here.

As I have been saying for quite some time, there really isn’t a single reason to be bullish on this market.

The Fed has carried the markets higher for the past 12+ years when bad policy was put in place.

We now have bad policy after bad policy and the Feds hands are tied.

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Now add China closing down and inflation very well may see another 10 point rally.

I have said that inflation will pass Joe’s approval numbers, but I was thinking that would come some time in 2023.

Now?

I wouldn’t be surprised to see that cross by summer.

When we have 20K illegals crossing our boarder every day, that will do nothing but hamper our economy.

Buckle down, as things are going to get a lot more worse before they get better-if they ever will get better until 2024 and we get a new administration in  the DC. 
 
But even with the doom and gloom reality, we will get very fast and furious short squeeze rallies and unless you trade a market like this, you better have thick skin.

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Because you can easily see a 3% short trade gains go to 1% in days.

The safest trade remains to short rallies, but for our service, we will trade both ways.

With that said, until the bulls can get price above 4314 (to start) the bears will continue to try and press price lower.

A move above 4340 is what would take the bulls out of short term danger.

I would be looking at the 4240/4200 as a possible support zone buyers may be waiting.

Below the 4200, then 4160/4120 would be in play again.

If short, continue tio run with stops or continue to take profits down here. -Gary Dean
 
SPX Hourly Technicals
Stochastics: Oversold
Divergences: No Divergences
Resistance Pivots: R1-4270 R2-4285 R3-4311
Support Pivots: S1-4240 S2-4220 S3-4200

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