May 15 Plan

Are we at support? Are we at resistance? Are we at support? Are we at resistance?

On the daily... yesterday we put in a star that was unable to breach Tuesday's high and the Quarterly 618 level. This could be the beginnings of an evening star reversal back to the ribbon and the Quarterly call trigger. Then again we're clearly bullish, no reason to time a short term top.

The 4h signaled a potential mean reversion, and as all pullbacks go, it's either in time or price. We got back to the 4h 21 this am via arduous time and chop. Just this morning we retested what was previous resistance and bounced of that level, which was also the 21.

Given the bullish bias I'd expect a move back to the Swing 786, unless the 8e holds as resistance. SPX proper is showing far more extension from the ribbon, so we'll see where we open.

Same thing on the hourly. SPX showing exhaustion with bullish bias, SPY/ES showing a slight change in structure but while forming a bull flag and previous resistance now acting as support.

Today's plan

No clear bias on the hourly given 24/5 charts showing downside and SPX showing bullishness, but extended. The 10m ribbon / put trigger are trying to act as support but the H21 and yesterday's key pivot are just above. 10m emas are sloping positive, the H21 is trying to curl. I could see us testing the 830a news breakout area or even the premarket low before heading higher. Those each would be proper entries if a reversal pattern, ideally with divergence emerges. If the ribbon continues to act as support, that could also serve as an entry for a move up to premarket highs and PDC. We're opening in the trigger box, so no different than yesterday, extreme patience! And, most importantly, a constant monologue questioning, are we at support? Are we at resistance?

That's all I'm focused on. Not taking a trade or not. Not trying to make money or not. Not thinking it's going to go up or down. But simply, where are we in relation to previous support and resistance?