Formed a double bottom against yearly pivot level. Now on the way up again. First target S3
Showing good signs of strength at yearly pivot earlier this year. And then a recent bounce at the 200EMA. Not convinced this down leg is finished, therefore what we see here may be a bull trap.
ES looking like profit taking about to happen. Up at monthly pivot coincides with Q as well.
Beans made a second bottom at the same yearly fib pivot. See if it can get past the last swing high after a bounce I noted earlier this year on the same level.
We are at R1 and FR1 yearly pivots. Strong resistance. Very ugly looking engulfing bar Thursday. Don't bode well. Could be the end of the Santa rally. Watch and see.
HCD pattern @ QR1 Pivot - very bullish May break strongly this week
Strong resistance with a confluence of QR2 and FYR2 Pivots. The high could be in for 2023
MES is at YR1, YFR1, and QR1 - strong downside expected
Between YPP and QR1 pivot. Look to take profits/reduce risk at these levels
Looking at yearly pivots. Price rejected R1 and now on its way to yearly pivot at around 304 for a bounce up seeing the rest of the year out.
I am a great fan of yearly and quarterly pivots. Without doubt, algos are as well. You often see the largest reversals at yearly pivot levels. No matter what instrument you trade on U.S. markets.
Longer term target around 14,200 There is little more to say at this stage!
The top for the summer could be in. We have demand, but more buying, which indicates that the SPY is oversold. We may see a sell off before the market comes back for the end of the year rally.
I think we have a seasonal bullish commence here. There is little supply at the extreme.
I think the downside target will actually be around the yearly S2 level at approx. 6,800. Oh my gosh.
Watch out for turnaround Tuesday. For a little rally anyways. Nicely working off pivots.