Telegram Trading

Key Algorithm Calculated S&P 500 Support/Resistance Levels: 4540 (LARGE) / 4530 (LARGE) / 4500 (SMALL) / 4480 (MEDIUM) / 4440 (SMALL) / 4420 (SMALL) / 4400 (SMALL) / 4385 (MEDIUM) / 4360 (LARGE) / 4330 (SMALL) / 4225 (LARGE) / 4160 (LARGE)

Assessment: Yesterday the 4360 line broke, but then the 4350 line held. Today will be all about the inflation data and earnings. If inflation comes in hot or earnings under perform we could see further selling. There is almost zero bullish momentum. Obviously that could change based on the news today, but you see little pops here and there in the indices, but then it is eventually sold off. The S&P has a healthy downtrend line that is holding. Today that line is near 4400. So, a break of 4400 would show the bulls have the ball. Until then, it’s a bears market and any rallies appear to be good opportunities to sell. Let’s see what the news is today and what it creates in the market. Then we can go from there. I continue to hold my HOOD short position. It is in the money and I really want to see this $40 mark break. I may close it soon if $40 continues to hold. We’ll see…but for now I continue to hold my short position. Good luck in your trades!

By the way…I have system updates today from 8am to 10am ET. If all goes well these could be completed by 9am ET or before, but just in case, be aware this system may be offline for a bit today. If it is then any trade updates will be posted here on the Telegram channel and any urgent messages posted to both Telegram and Twitter. Thanks for your understanding!