Futures are doing some backing and filling, as expected in last night’s video.
I do expect support to hold, but make no mistake, NOTHING is guaranteed when expecting higher.
That is why we can place a stop at entry and just watch and see what will play out next.
Higher would make the most sense with an upside target at 4375/4500.
But with an administration trying to bring us into WWIII and dismantle our economy, the upside target is at best 65%, and why we run with stops.
For today, the bulls need to try and defend the 4240 support line, and if that fails, a reaction trade down to 4200/4175.
The bears need to defend the 4300 resistance line to stop another short squeeze.
If I was forced to trade today, I would be looking to buy near the 4240/4175 and place a stop below the previous lows.
I still see the majority looking lower, which is always a red flag when shorting this market.
Let the tape do what it is going to do.
I know it is hard, but this is one of those time periods where you place a trade, set stop and hope targets to get hit, and try not to overthink things.
SPX Hourly Technicals
Divergences: Bullish Divergences (Playing Out)
Resistance Pivots: R1-4298 R2-4325 R3-4350
Support Pivots: S1-4247 S2-4130 S3-4200
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