Todays DMS is indicated neutral/bearish as measured by DTE- and calculated by DSI- *Trading with Sell signals within intermediate/minor cycles(3-7 days/1-3 days)
We mentioned over the last 2 days that the SPX/MKT- had limited UP side and was trading with a higher level of T/A risk-
Although were not looking for a complete wash-out here, we DO think the MKT is vulnerable to a pullback to FV-(Fair Value) over the next few days.
SPX S1=2770-First level of T/A Support-
SPX S2=2755-Buy/close here-
SPX S3=2744-Buy long here-
Traders/PM’s are advised to conserve capital for the TIME being and allow the MKT to consolidate next 1-2 days.We like the MKT starting tmrw- If however, our levels are hit before then we would take action to lock in S/T- gains on tactical/technical MKT short positions as outlined above.
Here is the latest Schematic-