Morning Outlook – 4/30/2021 – Update

Morning Outlook – 4/30/2021 – Update

S&P 500 Futures - 5-Minute Regular Session Intraday Chart

As represented by the S&P 500 index, the market has reached this morning’s target – the bottom of the balance range.

I would expect a bounce, as the market is oversold on a 5-minute time frame, and we have some divergences at the low. But any price acceptance below the range has the potential for a tone change.

Be careful, but it does not take much of a stop loss to try a long trade here. Your job is always to find low-risk entry points in either direction and supported by the probabilities. The afternoon drive should start shortly.

A.F. Thornton

AF Thornton

Website: https://tradingarchimedes.com

A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.

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