Wait For A Bounce? Morning Notes #SPX 05/29/19
Morning Notes 05/29/19 Gary
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Would you like to learn how Woody manages the markets using trader psychology and all of his other methods from his book-in a simple to read PDF? Register for free ebook below
Futures are under some selling pressure this morning and I had a good conversation with Woody yesterday. He told me that waiting for the perfect entry may not come. This is a very unique pattern in place and it is going to catch many flat footed. The market is going down and he did identify some days when we could see a bounce, but don't expect the perfect entry to show itself. I have some areas I am watching and I am going to start layering in short positions today (I will send out the sell triggers via email later) We may get in and see some type of bounce, but that is why I will be layering in positions instead of going all in (new entries)
My game plan here is to send out resistance areas to look to get short and if it doesn't get there, sell triggers with breaks of support levels. His message to me was, even if I get in and we are 15-30 points underwater, when the Dorsey Kill Zone is in full swing, seeing 200-300 spx points lower could come quickly. That is not a guarantee, just what this pattern is suggesting to Woody. He says it is a rare set up that doesn't come around too often.
The SPX looks like it is going to open right at the 200 dma (2777) and I wouldn't be surprised to see some buyers waiting (they have been trained to buy the moving averages) they will also most likely be the ones who are panic selling at the lows with Dorsey Black Hole in play as well. If the bulls fail to hold that support line, I am expecting a panic move down to the 2722-ish area, maybe by weeks end. The bulls have to get the spx back above 2800 for a reaction trade up to 2820/2825-ish. IF and only if they can get above 2820/2825, they will have wiggled themselves out of very short term trouble and 2840-ish would be the next resistance area to watch.
Today range for the spx 2800 high and 2777 low. A break of 2800, the SPX should try for the spx should try for 2815/2820. A push below 2777 we could see 2766/2746. G-
We are entering a very rare opportunity that doesn't come around often. Don't try and manage it on your own! Let the person who created this pattern that has held true for over 40 years guide you (Woody Dorsey) Special Rate Plans-Are In The Links Below Save up to $400 A Year!
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- Bullish Divergences
Resistance Levels: R1-2800 R2-2815 R3 2820
Support Levels: S1 2777 S2 2766 S3 2746
If you like our post and would like to continue seeing them, please help us grow our network-Thanks You!!
1.) like our post with a thumbs up (each post)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Trading Environment-Short Term: Current Environment-Bearish
Hi Everyone,
Would you like to learn how Woody manages the markets using trader psychology and all of his other methods from his book-in a simple to read PDF? Register for free ebook below
Futures are under some selling pressure this morning and I had a good conversation with Woody yesterday. He told me that waiting for the perfect entry may not come. This is a very unique pattern in place and it is going to catch many flat footed. The market is going down and he did identify some days when we could see a bounce, but don't expect the perfect entry to show itself. I have some areas I am watching and I am going to start layering in short positions today (I will send out the sell triggers via email later) We may get in and see some type of bounce, but that is why I will be layering in positions instead of going all in (new entries)
My game plan here is to send out resistance areas to look to get short and if it doesn't get there, sell triggers with breaks of support levels. His message to me was, even if I get in and we are 15-30 points underwater, when the Dorsey Kill Zone is in full swing, seeing 200-300 spx points lower could come quickly. That is not a guarantee, just what this pattern is suggesting to Woody. He says it is a rare set up that doesn't come around too often.
The SPX looks like it is going to open right at the 200 dma (2777) and I wouldn't be surprised to see some buyers waiting (they have been trained to buy the moving averages) they will also most likely be the ones who are panic selling at the lows with Dorsey Black Hole in play as well. If the bulls fail to hold that support line, I am expecting a panic move down to the 2722-ish area, maybe by weeks end. The bulls have to get the spx back above 2800 for a reaction trade up to 2820/2825-ish. IF and only if they can get above 2820/2825, they will have wiggled themselves out of very short term trouble and 2840-ish would be the next resistance area to watch.
Today range for the spx 2800 high and 2777 low. A break of 2800, the SPX should try for the spx should try for 2815/2820. A push below 2777 we could see 2766/2746. G-
We are entering a very rare opportunity that doesn't come around often. Don't try and manage it on your own! Let the person who created this pattern that has held true for over 40 years guide you (Woody Dorsey) Special Rate Plans-Are In The Links Below Save up to $400 A Year!
SPX CASH 60 minute technicals
Stochastics: Oversold
Divergences- Bullish Divergences
Resistance Levels: R1-2800 R2-2815 R3 2820
Support Levels: S1 2777 S2 2766 S3 2746
If you like our post and would like to continue seeing them, please help us grow our network-Thanks You!!
1.) like our post with a thumbs up (each post)
2.) follow us-you will be alerted via email with each post we enter
3.) leave a comment (It could be as simple as Thanks) (each post)
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.