The bears are starting to get some traction here on the downside.
I/We are cash right now and I will be watching for bounces to short.
My thinking is we will be in trade mode until the end of the month.
That means instead of looking for swing trades like we took at the 3640 lows, we look for trades with price targets and maybe look both ways.
But the top for this dead cat bounce rally does appear to be in place at the 3945 highs.
If futures stay where they are at the open, the spx will open below yesterday’s lows and the next support pivot comes in at 3737.
If the bears can break through that support, then we should see a waterfall move down to the 3700 support line.
The bears will remain in control of the short-term direction until the bulls can get the price back above the 3840 line.
Until that happens, the bears will try and press the price lower. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3794 R2-3818 R3-3840
Support Pivots: S1-3735 S2-3720 S3-3700
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