Key Levels;
Upside -- 1204, 1221, 1277
Downside -- 1180, 1143, 1121, 1102
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SPX Hourly;
Interesting close we had today. We are sitting right on that trendline and have been fighting with it the last 2 days.
The hourlies are heading back down off overbought and are on a sell. I think we'll sell off here now.
If you read yesterdays post, you might remember how I said if we immediately turned down off 1204 area, then we'll probably pullback some and then rocket up again to finish this counter trend rally up in the 1234-1250 range. I think that's the right call here.
Had we continued higher without a pullback, then I would have put the target slightly lower, maybe around 1221 and then back to plunging.
SPX Daily;
The daily is still on a buy and still working off very oversold levels. That is why i think we'll just be pulling back here a bit off very short term overbought and then heading higher again to finish this move off.
It's hard to tell how far this fall will go.. it's possible just another spike down to around 1165 will do it. I wouldn't really expect it to go lower than 1143. If it did go lower than that, then we'd have to start considering that 1204 was it for the counter rally.
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Futures are down, but lately that hasn't meant much as things have changed dramatically by the open.
Bit of a gamble to make any moves here, I would keep them small.
Too big places to look for would be to short anything over 1265 with a stop over 1285 and shorting a close under 1121. Buying would be difficult for anything other than a scalp. I honestly would only buy a breakout over 1345 or potentially around 1012 in a collapse if the selling looked exhausted. (and only for a short term hold on the 1012 on another counter rally)
GL
CJ
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