Market Comments for 4.9.19

SP00s (pre-opening comments) – in last night’s globex session, the momentum indicator line for the 10:00 pm bar on the 240-min SP00s chart was rejected by both top DTLs, and the 2:00 am bar closed beneath both also…

The SP00s open the day beneath two additional UTLs, confirming the rejection from the DTLs overnight…

My SAR swing system reversed back to short from 2895… watching.

 

 

 

SP00s – at the 10:00 am bar, the SP00s are off their earlier lows, though the momentum indicator line is continuing to make its way lower towards the next UTL…

There’s a gap down below, and the approximate 20-DMA is down in that range also, so for now, that may be where this corrective pause is going…

My SAR swing system remains short from 2895… watching.

 

 

SP00s – At midday here in Denver, the SP00s are re-approaching their earlier lows, though no new lows on the day have developed just yet…

The ST trend continues to be down for now, with potential target down at the 20-DMA range, which is presently in the ~2843 range… watching.

 

 

SP00s (post-closing comments) – it should not be a surprise that the 2880 range, which has established some history over the past year or so as a price range of support and resistance, so it should not be a surprise to find support there again today; right?

I mentioned earlier that this drop may extend downward to close the most recent gap, though another possibility is that the momentum gets relieved by the price bouncing around again between the 2880 – 2900 range, though downward still seems the favored path, until the market says otherwise…

The ~2900 range did hold the upward price progress as I suggested it might, though the higher target of ~3040 still beckons, so a small momentum reset, most likely only as low as the top of the gray zone support level…

At the end of the regular trading session, my SAR swing system remains short from 2895… watching.

I’ve also included updates on the two spreadsheets for the regular and aggressive trading models…

 

 

 

 

 

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