Welcome to the whipsaw market.
Yesterday we saw the /es gap open some 30+ points only to close down 32 points.
This morning we wake up to the /es +29 as I type.
There are times to be aggressive on the long/short side and there are times to watch from the sidelines.
We closed our position with some really nice gains and I remain on the fence regarding the next directional move.
When I can build a solid case for both the bulls/bears, cash is the best position.
The bulls need to get the price back above 3854 to get the short-term direction back on their side.
I am NOT ruling out the ABC pattern I have been showing, but as I said, I am fine either way. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3854 R2-3874 R3-3908
Support Pivots: S1-3816 S2-3800 S3-3783
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