Sentiment Timing – Morning Notes 6/28/2022

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.

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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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