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#SPX Morning Notes

Morning Notes 05/30/19-Gary
Trading Environment-Short Term: Current Environment-Bearish

Hi Everyone,

Be sure to check out the video report below: Futures are getting a bit of a bounce this morning, which is welcomed. But the /es is running into the first resistance line at 2795. If they can push through that level, we should see a reaction trade up to 2804/2825. There are some minor bullish divergences, but seeing a new low would have them fitting a little better. I am open minded with direction today. Up/down would fit a profile and I am leaning a little more on the side of up rather than down. This is why I like layering in position, because with only a 1/3 position (new positions) if lower, fine, I have some skin in the game. If higher, I will watch the resistance levels to add to the position.

The first line in the sand that the bulls have to push the spx above is 2800/2805. If they succeed, then 2815/2824 would be next in line. There is definitely no bullish divergences on the spx 60's, so I am on the side that any bounce today will fail at one of the resistance levels. We could close green today, but in the coming hours/days, we should be back below yesterday's lows.

Today range for the spx 2795 high and 2786 low. A break of 2795, the SPX should try for the spx should try for 2800/2805/2815. A push below 2786 we could see 2778/2769. G-

SPX CASH 60 minute technicals

Stochastics: Oversold
Divergences- No Divergences
Resistance Levels: R1-2795 R2-2800 R3 2805/2815
Support Levels: S1-2786 S2-2778 S3 2769
Trending Pivots: Neutral
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