Hello Everyone,
Quick Note: Bigger picture nothing has changed from my weekend discussion. Short-term I favor the scenario I outline in the 15 and 30 min SPX charts with a pullback here and hopefully another higher low. On Tuesday the SPX regained that broken downtrend line. Now on a pullback price needs to hold above that area (3700 - 3715), otherwise I would favor a move to new lows again.
Commodities have started pulling back (which is what I discussed to look for in my weekend newsletter)
Bonds have started to bounce, and the 10 year yield triggered below that weekly black candle doji - these are potential positives and we'll continue to monitor them.
As far as trade ideas - I'm not going to force the issue here. I tried to find some good short-term trade setups and found very little actionable items. Best to be conservative and mostly in cash until better opportunities arise.
As far has the reversion to mean systems; the Bear Long is still active for SPY and ES. However congrats if you decides to take some profits today or yesterday as the trade was nicely profitable
have a great night,
Matt
