Futures are getting smoked again and this market is looking pretty ill!
But even with the big gap down open today, I am still seeing some buy signals on the hourly /es chart.
There is some support for the /es at 4025, which is 15 points lower than the current price 4040.
If that support is taken out, then we should see 3977 come into play in the coming hours/days.
I will continue to say, the safest trade is to short the massive short squeezes we see.
With that said, I would remain cautious about short down here.
We will get a short squeeze/bounce that will last more than a few hours.
For today, watch the 4040 spx.
It appears we may open right at that support pivot.
If taken out, then we will see 3985-ish come into play.
Until the bulls can get the price above 4150, the bears will keep the directional momentum. -Gary Dean
Stochastics: Oversold
Divergences: No Divergences
Resistance Pivots: R1-4065 R2-4090 R3-4137
Support Pivots: S1-4040 S2-4010 S3-3985
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