Sentiment Timing – Morning Notes 7/7/2022

GM Everyone, Futures are +13 as I type and extending to the bull’s gains since the June lows.

I have been saying that the bulls still had some time and the fact that the bulls are defending support zones, is a sign of life for the bulls-for now.

I am also on the side that the easy money has been made on the long side, which was getting long at 3640.

Now we should be entering into the sloppy choppy tape (like we saw yesterday) with the bulls continuing to win these little battles.

The rate of change to the upside is starting to look a little tired.

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If we see the bulls continue to try and press higher, I will be closing my last remaining long side position at/near the 4000.

My stop remains at entry, so there is no risk.

Let’s see how today plays out. -Gary Dean

SPX Hourly Technicals

Stochastics: Neutral/Overbought

Divergences: Bullish Divergences (Playing out?) 

Resistance Pivots: R1-3872 R2-3896 R3-3923

Support Pivots: S1-3836 S2-3820 S3-3808

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