TradeApe
Long

SP500 found a temp bottom?

CME_MINI:ES1!   S&P 500 E-mini Futures
Last week we bounced off the 2350 level, with the SP500 seemingly having found a bit of a temporary bottom. Going into next week, we'll find out whether this bottom is "real" or just the result of a bit of profit taking.

Regression is now bullish , so overall, my bias is slightly more bullish than bearish . Having said that, we just crossed into bullish territory and it wouldn't take much for it to turn bearish again. For Monday, I'm a buyer above Friday's point of control at 2380, and a seller below. I might consider a long at 2372 as well, but only if there is decent momentum...and of course I'd have to watch price until it clearly smashes above 2380 again.

A break of 2365 to the downside would be very bearish for me. To the upside, we have the round 2400 level as first key resistance. Whatever happens, I have a feeling 2380 will be retested a couple of times before it really makes up its mind. A clean break of the 2370 to 2390 range will probably dictate the medium term trend.

Anyway, I trade of 1min charts and will simply go long above 2380 and short below...using the m1 regression as confirmation. Should price have already taken off a bit in the overnight session, I will use retests of the VWAP as "2nd chance" entries throughout the day should momentum be strong.
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Nice start to the week!
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