SPX bounced off resistance, all eyes on 3907SPX

10 nov. 2022

SPX must close above 3907 today to confirm the breakout!

Bounced off resistance on this move, super extended and overbought now.
Resistance is at 3933SPX, broken trend channel test from the bottom

I have trimmed my longs (from yesterday's 3755-60ES entry) before the CPI, oh well, cant win them all.

SPX is still in its opening channel


Tomorrow is a directional change day, will confirm the breakout if the price stays up above 3907 and can get above 3933SPX

Volatility is rising into Nov 23rd, I still expect lower into that day, only after a good rally up into EOM

For now day trading for me with a core short position

10 nov. 2022

Note

Watching a daily candle in case it makes a shooting star, too early to speculate at this point

10 nov. 2022

Note

Still in opening range 3874-80SPX is a support, will take a long (with 14 points stop) if we get there for EOD squeeze

10 nov. 2022

Note

For those who are confused here, I always hedge my position, and my longs are a very small fraction against my swing short position.
Now the most bearish scenario is off the table, still see lower into the 23rd after this up move is over

10 nov. 2022

Note

BTW here is a reminder of the FED $350 billion of net liquidity removal over the next 8 weeks. It wont get into affect till the 15th of Nov, the changes will hit the books on that day.

twitter.com/maxjanderson/status/1589701520521842688?s=20&t=Bqkeh7ueMXvYgWUtN5hyag

Now think if this is a distribution here or a pathway to ATH