The bulls continue to press the bears and the tape higher, as expected.
I am still believing we will see 4000/4100 come into play before all is said and done.
We have some turn dates approaching in the not-so-distant future.
So we want to start looking for sell signals/resistance and start looking to close this long trade from 3640-ish.
Be patient, there is still time and as I said, I see 4000/4100 coming into play before all is said and done.
I am NOT seeing any immediate sell signals, but we most likely will see them when/if we make new rally highs.
With only 1/3 of the long position left, one can just manage the trade by raising stops.
I personally will close the trade if we see a test of the 4000-ish level.
I want to be cash and start building a short position when the time is right.
For today, the bulls need to get the price back above 3940 for a reaction trade up to 3980/4045.
The bears need to get the price below 3884 for a reaction trade down to 3833/3810.
SPX Hourly Technicals
Stochastics: Neutral
Divergences: No Divergences
Resistance Pivots: R1-3940 R2-3980 R3-4045
Support Pivots: S1-3884 S2-3833 S3-3810
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