Hope everyone had a great weekend. Not much to say other than we are at a resistance point this morning and top of Bollinger Bands. I''m expecting some kind of pullback, but if /ES gets over 3025 this week and holds - that would be very bullish (blue arrows). If we fail at resistance, (Pink arrows) we should get a decent pullback at least to the trendline/20ma (red trendline / middle of BB). I'll update on SPY later today after open.
Good Luck!
Good Luck!
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As of now, resistance has held. NQ is leading the selling - unusual
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SPY closed under it's resistance (pink line) as well as slightly under 200 ma. We could get a turn here, but futures would have to confirm. Channel trendline still quite a bit lower. We're running out of time for the month, so who knows - maybe they smack it down for the rest of the week on some news out of China. As of now, I'm still neutral.
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/ES reached the trendline again overnight. Still at resistance. NQ still weak compared to other indexes. If the FAANMG stocks keep dropping, everything should follow
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SPY support around 294 (pink line) also corresponds with the channel lower trendline.
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NQ channel to watch near 9k. Bounce there expected, but if it breaks, 8500 or less possible
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New analysis on NQ www.tradingview.com/...er-downside-targets/
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/ES popped above the trendline but hasn't held it. It either pulls back tonight or tomorrow we stay above it and can expect higher highs. NQ selling off again tonight and Oil also coming down.
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Trendline held overnight. Cash session needs to sell today for any larger bearish move to play out into June.
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Looks like /ES will make another run at the upper trendline. 3055-60 area
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SPY top of channel within the day I would think
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doji candle on /ES. Needs follow through overnight but closing under resistance is a good sign so far. Maybe Trump is the wild card we didn't see coming.
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/ES clear resistance at 3033. If we get over it we're going higher
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Concerning the president at 2pm be careful of a beartrap and then ramp into close. Something like this for example. Won't make much of a difference on weekly candle which certainly looks like a Doji.
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IWM could retest it's channel. It's chart is pretty clear to me right now, more than QQQ/SPY
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Head and shoulders on SPY - target 293 area.
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hard to say but will not surprised if we close strong. 15 minute bull divs points to that. I expect IWM channel to get tested at end of day
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Markets strong, but Big tech about to break, very interesting
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Gap at 308.41 or so. If we continue upwards, that should be a resistance. Upper BB will also be there.
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Retest and possible failure on IWM channel
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IWM no successful break of trendline. It could go higher, but with the low volume it may mean something. Futures need to prove it- as usual
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SPY reached the gap area. to fill the gap it's around 311. Do we get there tomorrow? I think so, yes. IWM and QQQ both look like higher is probable.
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/ES still looks like 3100 in the cards for tomorrow. Pink trendline has been respected
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SPY gap up to channel trendline. 311 probably reached today to fill gap.
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under 308 today may indicate a turn but we'd have to see some decent volume from any selling.
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QQQ close to it's resistance as well, could be today, could get stretched out.
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If we start closing above 313 on the daily, the channel will become support and we'll probably go much higher. If that's the case, the bearish thesis i've been considering will be over to me until we get below the 20MA on the monthly chart.
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QQQ may be topping here, but there's no guarantee at all. This count could be wrong.
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upper BB and pink trendline still holding back price on /ES. I know it sounds like a broken record at this point.
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SPY opened on it's channel. It may come back to 308 to fill the last gap. Other than that, it's still quite bullish. NQ didn't reach it's doubletop, I would think it does and exceeds it a bit to take out shorts.
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We're getting some selling after this morning's spike higher. NQ close enough for a doublt top? Possible
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SPY channel has held after overshoot, looks good for shorts at this point but I don't want to jimx it.
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Q's pattern may have completed today. We'll see next week
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Blue arrows from the original chart looks like the goal now. We're clearly over the channel and we've exploded over it. Any test of the channel is a long unless it fails. We're going over over 3200 most likely. Spy has resistance at 320, but the gaps at 325-333 could be the target. Weekly candle is very strong.
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thanks to everyone as always for your comments. I'm away most of the day today but will make a new analysis over the weekend.
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3211 hit on ES, the target area and resistance point. I know this looks like it won't ever pullback, but considering the protests in major cities and at the white house this weekend will be enormous, it's very possible something extremely negative happens that even the market can't deny. Just something to think about. Everything is uber bullish until it isn't. If we ramp into close, I think many shorts will throw in the towel.
