Awaiting Next Entry Signal
By
We are flat the market now after exiting shorts last week -- and now, we are waiting for a fresh signal to trigger preferably a buy signal at lower levels. On price, I am looking for somewhere in the 3750/3700 area on the Emini S&P 500 to trigger a buy in coming days. However, lower than that is also possible so we will use our indicators as usual to tell us when it is safe to get back in the long side.
Options data is neutral, and internals are bearish. Price action is short term bearish, medium term bearish and long term bullish.
On the upside 3849-61 is strong resistance and above this 3890/3900. Until we get back above these levels, I am looking for lower price levels to be hit and for a fresh Odds Indicator buy signal to set up somewhere in the 3750/3700 area.
Grey zone resistance at 3849-61 and then at 3890-3901. Support is at 3800-3786, 3727-17 and then at 3665-48.
For Monday, daily pivot is at 3817. Resistance R1 is at 3849 and R2 at 3890.5. Support S1 is at 3775.5 and S2 at 3743.5.
All the best to your trading week ahead.
