Patiently wait til August 24th - Gann Cycle date

After today's scalp on the short side, I have decided to wait until August 24th to short to swing trade instead of scalping short or long intraday for the remainder of August.  August 9th is my immediate gann cycle date with August 8th Fibonnaci cycle date.  Because both SPX and VIX closed green, we will see some type of pull back by this Wednesday or Thursday.  Support is sitting at 1393 and 1386.  Further support can be found at 1378.  The rising channel is now a rising wedge with higher low.

There are other Gann cycle dates in between now and August 24th (8/15 and 8/20), but the chart is lining up with August 24th OPEX.  1407 and 1410 SPX area is where I will begin loading up on short side for a good extended swing, unless SPX takes out 1422.  There is another Gann date on August 30, but I'm not going to look at that now unless 1422 is taken out.   For now, we chop up and down on this channel / rising wedge until August 24th.  By then all smart money traders will be back from summer holidays. A very successful futures trader on our chat board taught me to wait at the watering hole.  The market is like a python and will not let retail shorts out until it has heard the last heart beat.

Retail P/C Sentiment