Well, it looks like the bears are not going to stop and let the bulls have more than 1 day of rallying.
The /es is -54 as I type and that is giving back a little more than 1/2 of yesterday’s gains.
It’s not easy trying to do mini swing trades on either side.
Rallys are taking place before the market opens and selling is hitting then as well.
The only difference is the selling does continue until the lows are taken out.
From a technical view, I am not seeing any warning signs or sell signals after yesterday’s close.
Let’s see if the bulls can defend the 3706-ish support and try and form the inverted head/shoulders pattern I pointed out last night.
For today, the bulls need to get the price back above 3791 for a reaction trade up to 3839/3855.
The bears need to get the price below 3709 for a reaction trade down to 3665/3640. -Gary Dean
SPX Hourly Technicals
Divergences: Bullish Divergences (playing out)
Resistance Pivots: R1-3735 R2-3762 R3-3809
Support Pivots: S1-3690 S2-3665 S3-3640
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