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A Quick Intraday Peek Inside the SP500 at the 1300 Level

Mon, Jul 18, 1:51 PM ET, by Corey Rosenbloom

To follow-up with my prior morning post on the “Monday Morning Stock Index Update at Midpoint Value Areas,” I thought it would be helpful to show the current structure of the 1-min chart during lunchtime.

In other words, we’re all watching the “Make or Break” 1,300 region, but what is the market saying?

Let’s take a peek:

We’re seeing the plain SP500 Price Chart with the 3/10 Oscillator and the NYSE TICK (Internal).

What’s the message?

Going down in to the 1,300 level, the key indicators formed lengthy Positive Divergences into the 1,300 pivot (actually on a slight ‘nip’ or potential ‘trap’ under it).

That’s a good sign if you’re a bull who is expecting a bounce off this level, and a caution sign if you’re a bear who is expecting a big break.

As of lunchtime on Monday, we have NOT received an official breakdown sell signal. That may change into the close, but for now, the ball is on the bulls’ court and it’s their short-term game to lose.

In other words, if there were new momentum and TICK lows as the market fell intraday to 1,300, we would simply expect a firm breakdown – buyers could not stop the tide of selling.

However, what we’re seeing at this moment (which admittedly may change) is hidden strength from the buyers/bulls and a willingness to defend the 1,300 level at the moment.

Look for further confirmation intraday buy signals on a break of prior swing highs from the morning – 1,302 then 1,304 come to mind.

Otherwise, continue watching your intraday charts to see inside this critical tug-of-war between buyers and sellers at 1,300 and be ready to trade accordingly.

If the bulls give up the advantages here (from the divergences and support), it would likely trigger a feedback loop of selling pressure (bears shorting and bulls selling to stop-losses) on a firm breakdown under 1,300 and “failure test” of 1,300’s critical/obvious market support.

Corey Rosenbloom, CMT
Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey's new book The Complete Trading Course (Wiley Finance) is now available!

blog.afraidtotrade.com


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This Article's Word Cloud:   Corey   Divergences   Internal   Midpoint   Monday   Price   TICK   That   Value   adsbygoogle   afraidtotrade   break   breakdown   bulls   buyers   change   come   critical   expect   expecting   firm   formed   from   give   into   intraday   level   loop   lunchtime   market   moment   morning   other   pivot   pressure   prior   seeing   selling   sign   stop   support   this   trap   under   watching   what   which   with   words   would

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