fib, you dont think it closes gaps at 2940 and 2900...maybe a st move before higher
Anything is possible, of course, but the odds of this happening at this time are very low given the high amounts of liquidity the market now enjoys.
Better to go with the path of least resistance than to arbitrary decide when enough is enough...the market will eloquently tell you when that time is.
At this point, if you're either a swing/day trader or scalper, I would wait until 2958 is hit before even entertaining a short, otherwise, you'll likely lose more than you'll gain...and the effort will be twice as hard.
Fib
You mention 2958 before considering a short, Thanks for throwing a number... May I ask your train of thought there? At that price point it may turn your TA to bearish?
2958 was the approximate level of the intraday lows of 7/2 that finished above the previous day's mid range close.
Any move below this level then would show that the sellers were beginning to take an upper hand on a near term basis (that of the 1 to 2 days).
Currently, the daily SPX is in an bullish configuration with the 20 day EMA leading the 50 day EMA which is leading the 200 day EMA to the upside.
Until that changes, the trend of least resistance remains to the upside on a short term basis (that of 4-6 weeks).
At this point, I see that you've begun to follow the BETS indicator a bit more...I would use that as a demarcation tool between bullish and bearish control of the market.
Oh...and by the way...the SPX breadth McClellan Summation Index has already given an upside target objective of around 3200 for this current price sequence,
Fib
