Swing traders eyeing the S&P 500 anxiously, with reason; including Turning Points update from Andre Gratian

Andre Gratian was kind enough to share a copy of his update to subscribers that went out overnight, and it's evident that he shares the view of myself - and others (including Tony Caldaro as I understand it) - that the S&P is in the early stages for the expected pullback. I don't want to post out his chart update publicly, but I think it is safe to say that he's thinking that the market is most likely to keep its gyrations within the bounds of Friday's high. And that breaking Tuesday's low would help confirm the pullback is under way. Well - I'm partly putting my own words onto it, but I think that's also justified by chart position (and my VIX/VXO charts).

I had mentioned a H&S (head and shoulders) idea and I think a lot of traders will see a H&S topping/reversal pattern if and when the market moves under Tuesday's low. Meaning that downside action should accelerate when that happens. Since I've mentioned Bollinger Bands earlier today, let me point out that one target level would be the lower Bollinger Band (BB). Notice that since the market moved above the BB midline in mid-May, it's remained between the upper BB and the BB midline since then. So a move under the BB midline on the daily chart could reasonably be expected to aim for the lower BB as one conservative target.*

I cannot guarantee we don't see a move higher later today (as indicated by the ChartsEdge daily map), or tomorrow (Friday) for that matter. I just think that the market's "thin ice" is becoming more apparent, and the indicators are saying the same thing. While I won't post Andre's chart out of respect, I will post up how my own SPX chart is looking right now:


*Yes, there can be lower targets - it depends on one's trading or investing style, and analysis of the bigger picture, to decide whether to look for lower targets. Something we've discussed generally here, and I'm sure we'll get into in more detail if and when we see the market moving lower.