S&P 500 Intraday Bias, 10:00 AM

Positive, suggesting buy the dips intraday.

In the Cards

Now that SPX has met my objective of surpassing 1208, which I wrote when it was in the 1130s, here, I see a move to 1250-1260, followed by a drop to 1200, then a move to 1295ish. The circles are the points of contact along the resistance levels.

To me, this is possible because a) short squeeze territory is above 1250 b)the 200 day MA or EMA can be around 1280-1300 if and when prices reach there and c)a retracement that large before another drop conforms to the market's habit of being deceptive.

S&P 500 Intraday Bias, 10:50 AM

Positive, suggesting buy the dips intraday.

S&P 500 Intraday Bias, 10:45 AM

Negative, suggesting the market will remain weak today. However, I think this sell off it a reaction that is part of an upswing.

S&P 500 Intraday Bias, 10:05 AM

No clear signal from the indicator.

Comment

The S&P seems to be forming a double bottom and may soon begin a move above 1208, perhaps today.