The amount of opportunities to the longs side is limited at this juncture.
The charts have been gutted of late and the opportunities found in the patters before have now been negated. That’s why my watch-list is about half the size of what you are accustomed to seeing from me. The setups are just few and far between.
What has me concerned about this market today is the fact that it is reversing the day’s gains and hitting negative territory right at significant resistance at 1978. Had that not happened I wouldn’t be nearly as concerned. But as soon as SPX hit 1978, there was an 18 point sell-off and that is never a good sign no matter what time frame you are looking at.
Here’s the bullish watch-list:
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