Futures are flying higher this morning, which comes as no surprise.
We have been suggesting buying between 4200/4100 after shorting at the exact top last week.
If you are not trading this market, you will find yourself seeing great gains turn into losses or break-even trades.
Don’t try and make sense of these moves, just remove your brain and make the trades.
If you try and justify or rationalize a directional move, your head will blow up!
Sentiment-Time-Technicals are all you need to make great money in this market!
So Joe & Co. have accomplished something nobody has ever done before.
Taking GDP from 6.7% (because people went back to work) to -1.4% GDP.
That is the largest GDP swing in history!
But I am sure that Putin will get the blame for this or they inherited this mess.
This is the most incompetent administration in history and as I have been saying, Joe’s approval numbers will cross below inflation numbers.
I just didn’t expect that to happen this quickly.
That is why we have to be bearish long-term as bad policy after bad policy is put into place.
But we will get face-ripping rallies along the way, which is why I like buying dips here.
For today, the bulls need to get the price above 4239 to see upside momentum pick up.
If the bulls can get above yesterday’s highs, we should see a reaction trade up to 4300, where taking some long profits is NOT a bad idea.
If we head lower after the opening bell, I would still be looking to buy between 4200/4100.
A nice bounce is pending!
SPX Hourly Technicals
Stochastics: Neutral
Divergences: Bullish Divergences
Resistance Pivots: R1-4239 R2-4255 R3-4290
Support Pivots: S1-4175 S2-4160 S3-4140
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