Sentiment Timing – Morning Notes 7/19/2022

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.

Related:  Is PEPE About to Breakout with a 50% Price Increase?

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

Stochastics: Oversold-ish

Divergences: No Divergences 

Resistance Pivots: R1-3854 R2-3874 R3-3908

Support Pivots: S1-3816 S2-3800 S3-3783

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