SPX futures - be careful of a bear trap today

29 нояб. 2022 г.

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!

29 нояб. 2022 г.

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Larger structure

29 нояб. 2022 г.

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getting close to daily 18ma

29 нояб. 2022 г.

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weekly MA is at 3910 area

29 нояб. 2022 г.

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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.

29 нояб. 2022 г.

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on previous chart, the 2 hr rsi is showing both hidden and regular bullish divergences.

29 нояб. 2022 г.

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QQQ has reached it's 18ma on daily

29 нояб. 2022 г.

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Both DJT and IWM showing relative strength today

29 нояб. 2022 г.

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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.

29 нояб. 2022 г.

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it looks like a wedge right now but that can get invalidated overnight, a break above 3970 is a safer entry

29 нояб. 2022 г.

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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.

30 нояб. 2022 г.

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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