08/02/19 Morning Notes

2 thg 8, 2019

Morning Notes 08/02/19-Gary

Trading Environment-Short Term: Current Environment-Bearish

Hi Everyone,
To say we have an officiant market is just crazy talk. Computers are trading against computers and retail traders get whip sawed and caught in (Spx) 40 point moves up/down in minutes, NOT HOURS! Algos are programmed to look for key words which will trigger a buy/sell program. This morning crazy news was that "Trump said he would hold off the 10% tariffs on China" buy buy buy "IF they take action by the September 1 deadline" sell sell sell!

The /es was at some support before the "Algo/China News" buy program kicked in and sent the the /es from 2933 to 2960 in 2 minutes. The crazy part, the buy program brought the /es right into resistance and then the sell program hit. So we are right in the middle and those up/down lines can be our eyes for short term direction. /es Above 2960 should have a reaction trade up to 2969 and below 2933 there should be a reaction trade down to 2915-ish.

Today range for the spx 2953 high and 2944 low. A break of 2953 the SPX should try for the spx should try for 2963/2977 A push below 2944 we could see 2930/2913. Have a great weekend! G-

SPX CASH 60 minute Technicals

Stochastics: Oversold-ish
Divergences- No Divergences
Resistance Levels: R1-2953 R2-2963 R3 2977
Support Levels: S1-2944 S2-2930 S3 2913
Trending Pivots: Lower