SPX futures - be careful of a bear trap today
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4 hr rsi is on the floor again which is suspicious to me. We are still above the 18ma daily and 18ma weekly - both indicate a bullish bias and both are near the 3920 area.
A small pullback this morning/today to those MA's may get bought in anticipation of Powell's speech tomorrow - or in reaction to it.
Index put/call is slightly elevated. ycharts.com/indicators/cboe_spx_put_call_ratio
Good luck!
A small pullback this morning/today to those MA's may get bought in anticipation of Powell's speech tomorrow - or in reaction to it.
Index put/call is slightly elevated. ycharts.com/indicators/cboe_spx_put_call_ratio
Good luck!
Nota
Larger structure Nota
getting close to daily 18ma Nota
weekly MA is at 3910 area Nota
If C = 1 target should be near 3900 area (spike through the 18ma), but .786 is also a possibility for a truncation of C. Watch for any reactions in this area. Nota
on previous chart, the 2 hr rsi is showing both hidden and regular bullish divergences.Nota
QQQ has reached it's 18ma on daily Nota
Both DJT and IWM showing relative strength todayNota
Nothing saying this can't go lower - it can for sure get down to 3900 area, and might end up there at the end of the day - but the technicals are telling me this is corrective. I'll be out for a few hours, If they get over this mornings highs, the Bulls have taken control. Nota
it looks like a wedge right now but that can get invalidated overnight, a break above 3970 is a safer entry Nota
spinning top candle on spy - A spinning top that occurs at the top of an uptrend could be a sign that bulls are losing their control and the trend may reverse. Similarly, a spinning top at the bottom of a downtrend could signal that bears are losing control and bulls may take the reins.Nota
From Helene Meisler on twitter -ISE call/put ratio 1.11
ISE equity call/put ratio 1.04
not often total is more then equity only.
last time was 10/3
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