Getting Closer?

After yesterdays rout to start the week, the markets are starting Tuesdays session off with a more positive tone.  Futures are up .6% or better, with Bitcoin breaking over the $8k mark overnight.  For equities... have we seen the lows for this pull back?

Is it just the beginning of a more substantial pull back?  For both of those questions my answer is... I don't think so.

While futures are rallying this morning, I think there is a good chance over the short term that the market comes down to firm support.

Yesterday  the S&P500 held the 2800 level:

After hours S&P500 futures held the 2800 level.

Both will remain key support until we get that positive momentum shift.

I think this most recent record high pull back will start to reverse near former resistance at ~$277.50 for the $SPY.  With it we will likely get that positive momentum shift, which would be a nice confirmation that the price action is shifting yet again.

So yes... we are getting closer.


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

More Posts by UPB: View All | Private Twitter Feed: Access Now! (For Diamond Members)

Leave a Reply