GM Everyone, Futures are getting smoked and at an important pivot right here.
There is a bear flag pattern forming on the /es.
If the bulls fail to defend and this bear flag breaks to the downside, we most likely will be testing 3650 lows again.
There is just no buy-in for the bulls.
And it is hard to blame them.
I have been hearing all over the financial stations that you have to just buy because the market always moves higher.
Maybe it is easier for them to do that with other people’s money, but with this moronic administration in office, inflation at 40-year highs, and the ONLY thing Old Man Joe doe is blame it on gas stations-Putin-climate change, covid and Trump of course.
Who would want to put money into this market right now, with a high chance that we head lower until they get Joe & Co. out of office and let the grown-ups run our country.
But there will be TRADES in both directions.
I just don’t buy the get-in now, best buying opportunity of our lifetime.
If things continue to crumble with our economy, I think the best time to buy is still a ways away.
Leave stop at the entry for the remaining 1/3 long position and get ready to start jumping on the bears side–but be patient!
SPX Hourly Technicals
Stochastics: Neutral/Overbought
Divergences: Bullish Divergences
Resistance Pivots: R1-3815 R2-3830 R3-3871
Support Pivots: S1-3741 S2-3716 S3-3695
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