2810 Target Hit..05/13/19 Morning Notes--Must See
Morning Notes: 05/13/19 Trading Environment-Short Term: Current Environment-Neutral/Bearish
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Futures are getting crushed this morning, which is giving us some more information about the topping process we have been talking about. I have been saying to hold shorts with stops in place and not to add new positions (Friday) That was correct as we saw a 70 point reversal mid-day. This morning, anyone who jumped on the "This was the best buying opportunity of a lifetime" trade when the spx took out 2877 is now looking at an underwater entry. There is NOTHING EASY about trading these passive swings! You can look like a rock star for a day and then a beginner trader the next. Depending on your trading style, you are either cash now or if you gave the short entry from 2942 a little more room and placed the stop at 2904, you should continue to manage with stops. 2892 would be the new stop or if you wanted to tighten things up some, use a break above 2876.
I am sticky with my trade plan (you do NOT have to follow) to layer out of my short position. I am actually going to use the open this morning to close 1/3 of my short trade and if I see 2810-ish come into play, take another 1/3 off and move my stop to 2904. If we see this move down go into what Woody calls "Black Hole" drop and 2788 comes into play, I will just lower stops and wait for price to take me out. New positions? Shorting massive gap downs is always a risky trade and the 2810 support will not be that far below after the open. Be patient, this is NOT the "kill zone" time period yet, so there should be more to come soon. But expecting some type of short covering rally before that hits, is our preferred road map.
The range SPX range for today is 2835 high and 2825 low.(gap numbers) A break of 2835 the spx should try for 2860/2875. A push below 2825 we could see 2810/2798. G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2835 R2-2860 R3 2875
Support Levels: S1-2825 S2-2810 S3 2798
Trending Pivots: Lower
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Hi Everyone, (Win Free 3 Month Premium Service--Details Below)
Futures are getting crushed this morning, which is giving us some more information about the topping process we have been talking about. I have been saying to hold shorts with stops in place and not to add new positions (Friday) That was correct as we saw a 70 point reversal mid-day. This morning, anyone who jumped on the "This was the best buying opportunity of a lifetime" trade when the spx took out 2877 is now looking at an underwater entry. There is NOTHING EASY about trading these passive swings! You can look like a rock star for a day and then a beginner trader the next. Depending on your trading style, you are either cash now or if you gave the short entry from 2942 a little more room and placed the stop at 2904, you should continue to manage with stops. 2892 would be the new stop or if you wanted to tighten things up some, use a break above 2876.
I am sticky with my trade plan (you do NOT have to follow) to layer out of my short position. I am actually going to use the open this morning to close 1/3 of my short trade and if I see 2810-ish come into play, take another 1/3 off and move my stop to 2904. If we see this move down go into what Woody calls "Black Hole" drop and 2788 comes into play, I will just lower stops and wait for price to take me out. New positions? Shorting massive gap downs is always a risky trade and the 2810 support will not be that far below after the open. Be patient, this is NOT the "kill zone" time period yet, so there should be more to come soon. But expecting some type of short covering rally before that hits, is our preferred road map.
The range SPX range for today is 2835 high and 2825 low.(gap numbers) A break of 2835 the spx should try for 2860/2875. A push below 2825 we could see 2810/2798. G
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2835 R2-2860 R3 2875
Support Levels: S1-2825 S2-2810 S3 2798
Trending Pivots: Lower
Win 3 FREE Months Of Our Premium Service—That’s a $450 Prize!!
How it works: Like and Post a comment in our published ideas in tradingview.com and get your name entered for each comment.
You can only enter 5 comments per published idea per day. We typically will put out between 3-6 ideas per day and you can enter up to 5 comments per post.
Weekly Winner: 25 extra entries for the weekly winner. The person with the most points (Like and comments=1 point) at the end of the week, gets 2 weeks of our premium reports free and gets their name entered 25 times for the grand 3-month free subscription prize.
At the end of 30 days, if you posted 30 comments and likes, you will have your name entered 30 times to win our grand 3 months of free premium reports. If you win the weekly challenge as well, you will get an additional 25 entries into the drawing. So follow us to get the alerts of new published ideas-like and comment to have a chance to win a 3 month free subscription. Winners will be announced in traderview.com
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