Market indicators such as breadth oscillators and closing tick indicator are deeply oversold
after 3 days of lower highs and lower lows. A “Buy Day scalp ONLY is to be expected. The
2-period ROC made new momentum lows, and there will be hourly grail sales on a reaction up.
Thus, any long trades must be made as scalps only as opposed to potential to hold overnight.
The Russell closed with hourly Buy Divergences. An “A-B-C” rhythm up on the 30 minute SPs could come close to the hourly EMA. Any trade up around Friday’s high, a slightly lower high or slightly higher high is good trade location for a shorting opportunity. 1927.50 was the high of Friday’s pit session value area. 1932-35 is an excellent resistance zone. The SPs are already trading UP on Sunday evening. Don’t chase to the long side. The first morning selloff can setup a Buy but for a scalp only. There are decent odds that Fridays low will be exceeded sometime this week.
Silver has a Buy Day on the 2-period ROC and potential for a Turtle Soup Buy. Beans are testing the lower end of a trading range.
The EC has a Pinball sale as well as first close back above the daily 5 SMA. Friday’s high of 134.47 is the main reference point.
Should be good two way trading in the SPs! Have a great day!