MARKET TEMPERAMENT –
The SPX spread expiring Friday is wider as more volatility creeps into the charts – 27 points around the 2735 strike leaving us 2708-2762 as traders reversed motion at the highs yesterday. Momentum remains bullish on longer time frames, suggesting there is a bounce zone nearby – likely near the edge of the SPX spread at 2708. Pullbacks still present buying oppotunities but the bounce targets are definitely lower as the shift of momentum nearterm turns a bit more bearish. The KEY watch state today will be – can we bounce off support congestion levels and recover in the neutral zones of congestion near 2730
WE HAD OUR FIRST THE FAILED RETEST OF HIGHS yesterday as our Metastock swing system says should be our introductory entries short…. this means that how well we bounce here today and tomorrow will introduce the openings to swing shorts across the indices – again into known supports below. Crosscurrents are still evident. As it sits, we continue to hold the wait state with smal entries unto our reversal form completely confirms.
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