Analysis SPX – The weekly Trading Strategy: Technical and Order Flow !

Hey everybody sunchip it’s Sunday morning about 11 o’clock May 21st um so we got a little bit of a sell-off on Friday nothing major I mean it was a nice little pullback but you know nothing where I’m like oh that’s you know that’s dramatic it wasn’t dramatic

Um we’re looking at the SPX cache we still have a gap above at 4220 and we still have another gap on the four hour chart at least at uh 42.78 I think we personally I think we’re going to fill that 4220 Gap Monday and the reason why is because when I

Look at Futures and I look at the um two hour time frame and the one hour time frame um the RSI could go lower it’s possible but it’s already pretty low when we look at the one hour RSI right this this little structure the RSI is here and then when you look

At the previous lows the RSI is way up here so that is um hidden bullish Divergence when the RSI starts getting too low compared to price now someone could say well it could go a lot lower than this yeah it could and if that’s the case then you know you

Could see this as a Bear Flag here’s a Bear Flag type structure let me blow it up a little bit so we have a bear flag and then the target for the Bear Flag would be approximately 41.50 and that would be the previous support area right here right it was a resistance Zone

Resistance resistance resistance they got above they came back to test so that 4150 would be to me that’d be the magnet if they want to keep pushing this R side down overnight tonight okay however if they push it down overnight and you get really low on the

Hourly and the two hour RSI start getting really low on it then this 4150 is probably a buy Zone and you’re going to get at least a decent bounce if not a higher high so I can see it sort of two ways and I’m not going to do a whole big

Analysis this week I just want to show you what I’m thinking either we start tonight you know some announcement comes out of some politician’s mouth of you know good news and we go higher and we fill that gap on SPX cache right we finally get up to 4220 and maybe more

And then that would give us another Divergence uh and then you know we could have a decent cell from there something like that right with the price getting up to here so we have one more Divergence and then we can start selling off more or you have a move down overnight

And you get down to the previous lows of the RSI this is on cash you get down to about 41.50 which is the support area from before right that’s where we kept stopping that area they stop stop stop stop stop stop couldn’t get to it got over it and I

Would think we come back and test that area 41.50 you know the area not exactly 4150 but 4150 41 uh 4140 you know close to it some people might step in early so it might only get to 41.60 if this happens right but from there that would be I think

That would be a buy either for a bounce a decent bounce or we start making more highs if that were to happen okay I’m not sure which we’d have to see what it looks like if the RSI comes down really low the the cache the RSI is still quite

High we got plenty of room to drop if they want to drop it at this point daily as well okay um two hour on cash is really high the two hour on the Futures is really is quite low it’s a big difference that’s why I’m thinking Futures might push up

And if features pushes up cash will push up okay um and so you know I think a push-up is I think it’s more likely than not but if this Bear Flag plays out then it would probably be a buy right at that 4150 area um and then we’ll see what it’s like I

Mean if the RSI is really low we could have another leg up or we just get a really nice bounce like this and then start dropping some more okay um that’s really it for this week as far as the s p that’s what I’m thinking I don’t think we’re gonna do more than

Those two possibilities for this week up and then down or down uh and then you know we’ll have to see what the retrace is like if we get it down and then up a higher high I think would be a short from here I think a higher high would definitely be a short

Um because we’d have even more bearish Divergence on the smaller time frames so if we got with a higher price to me that would be a short like that then we could have that all right that’s it that’s all I’m going to do today I hope that’s helpful

And I’ll see you during the week good luck

Analysis SPX – The weekly Trading Strategy: Technical and Order Flow

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