$SPX 60 Minute: Even with today's sell off, it's not a big event because price remains firmly between support and resistance zones. The RSI does suggest we could linger around the support zone for another day or two. Below support and something else is going on in structure.
$SPX: If it's still ABC or 1-5 up, I like wave 2 or B consolidating just below the black down trend line. So, maybe a few more days of grinding in place.
My Watch List:
DECK Weekly: A little follow through to the down side today. Solid divergences brewing.
DRI Monthly: Divergences on the RSI but price remains slightly above the prior peak support.
WYNN Monthly: On the daily chart this might look like a descending wedge. On the monthly, the MACD is rolling over with pinching BBs. IF it breaks down, it could slide to the 50 month MA.
HANS: All this over lapping structure up looks like a running wedge, and there's a few ways to account for it in an Ewave structure. The move up from the most recent low doesn't look impulsive, so another pull back seems likely.
From My Trading Desk: Today we took small gains by covering shorts on DECK and DRI. We scalped a gain by shorting UNP. Later in the day we took small short positions on WYNN and HANS.
Note: I can't say this enough, Mr. Market is in No Man's Land, there's no great reason for big bets.
I'm still trying to keep it light and narrow.
Happy Trading.
J.D. Rosendahl, Rosey