Market Update 8/22/2019 - Only seeing A Little Pullback After Yesterday's Bearish Warning

I lost internet for several hours yesterday, and that threw a monkey wrench into my ability to get caught up with my charting. Luckily the market behaved itself while my connection was down.

The 1 min continues to work, but I thought it would be good to compare the 1 min. view, to the 10 min view, because I'll be damned, if I can't find the short term trend on the 1 min chart, and I'm all about the short term trend. Sure the market could crash, next week, but I'm not going to fight the short term trend waiting for dooms day. 

$SPX - continues to pullback from my resistance line. We saw a false breakout in AH trading, and it looks like we're going to test that resistance at the open.

There's support at the 2895 level, and I think it'd be good to fill the gap, left behind on the 19th, and Jack-hole isn't until tomorrow. "Don't fight the Fed", as they say. 

$SPX - looking at the 10 min. view -  It's a busy chart, but as you can see, there's support around that 2900 level, at my pink line, and more support at the 2884 level 9 at the top of the previous channel line - seen in black, and now you know why the bid was raised.

Word of warning - if the price action were to fall back into the black channel, on a $VIX breakout, above the 17.25 level, then we could see panic selling, but for the now the market doesn't seem to care about inverted yields, or Hong Kong.   

 $DJIA - This chart is working a lot better, probably because it's not being driven by the hedge funds, and 1000's of bullish traders.

Now Let's find the next breakout point.

$SPX - DCS chart - That's going to look like a breakout above the 2940 level (the recent high), and then the 50 day moving average @ 2946.

 Again, you can see why the market was bid up (above resistance).... and if the market sells off in another panic, there's support at the lower channel line, at the 200 day moving average.

As you can see markets are pivotal here, so be vigilant, and I'll provide live updates in the public charts area, the best I can. My call is for a pullback to support, followed by a rally into Powell's Speech, and possibly beyond.

P.S. I leaving the bearish $SOX charts up, and next resistance on that index is 1531, and 1542 (a FIB target)

Good Luck, AA

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