I am loving this!
This bearishness. Well, let's call it 'pretend bearishness' because its not actually bearish.
Let's get into it real quick because futures right now is sort of setting up for quite the bullishness, if it does what I am kind of DL hoping.
But quick announcement, I have updated my futures weekly stuff and incorporated a guaranteed target! So now, we have a 99% target on futures for the week. And this week so far its a pretty good one. Also, this update has dramatically reduced my standard of error because I am now looking back at over 15 years of ES data.
So on to what I am seeing:
So the levels are in the chart, these are the weekly levels. Futures opened on a major gap down, attempted to start the gap fill but now is kind of selling off.
It has yet to hit its weekly 99% target which is at 4029 (the yellow line).
It has yet to hit its daily 99% target, which is slightly below 4029 at 4026.
Futures generally always fills gaps, so keep that in mind as well.
So the scenarios:
If we continue to tank into the overnight session (my dream scenario), we can expect an amazing bounce back up to the 99% target and just a lot of bullishness that will come in.
Alternatively, if ES reverses mid-way through the overnight session and removes the GT this early, then all bets are off for how the week is going to go. I would be looking for rejection off the first high at 4083. This generally signals bearish selling ahead (examples below):
However, if we make it down to 3905 and bounce, the week could be this type of week:
Also, looking at SPY, if we can open on a gap down towards 400, 399 and see a lot of buying pressure jumping in off open, that would be a very strong bullish indication.
Overall this is pretty exciting. ES1! is going to the MOON! ..... Lol jk, probably not but at least this week is already providing some great opportunities with very little risk, so I am here for it =).
Safe trades everyone!
This bearishness. Well, let's call it 'pretend bearishness' because its not actually bearish.
Let's get into it real quick because futures right now is sort of setting up for quite the bullishness, if it does what I am kind of DL hoping.
But quick announcement, I have updated my futures weekly stuff and incorporated a guaranteed target! So now, we have a 99% target on futures for the week. And this week so far its a pretty good one. Also, this update has dramatically reduced my standard of error because I am now looking back at over 15 years of ES data.
So on to what I am seeing:
So the levels are in the chart, these are the weekly levels. Futures opened on a major gap down, attempted to start the gap fill but now is kind of selling off.
It has yet to hit its weekly 99% target which is at 4029 (the yellow line).
It has yet to hit its daily 99% target, which is slightly below 4029 at 4026.
Futures generally always fills gaps, so keep that in mind as well.
So the scenarios:
If we continue to tank into the overnight session (my dream scenario), we can expect an amazing bounce back up to the 99% target and just a lot of bullishness that will come in.
Alternatively, if ES reverses mid-way through the overnight session and removes the GT this early, then all bets are off for how the week is going to go. I would be looking for rejection off the first high at 4083. This generally signals bearish selling ahead (examples below):
However, if we make it down to 3905 and bounce, the week could be this type of week:
Also, looking at SPY, if we can open on a gap down towards 400, 399 and see a lot of buying pressure jumping in off open, that would be a very strong bullish indication.
Overall this is pretty exciting. ES1! is going to the MOON! ..... Lol jk, probably not but at least this week is already providing some great opportunities with very little risk, so I am here for it =).
Safe trades everyone!
Comment:
Correction, I said bounce of 3905, but I meant 4002, the first low target, sorry!
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Starting a long position here.
I would be ecstatic if this pulls back further to 3980 and/or 3955.
3955 I would be so happy, that would be a 74 point move to the 99% target. Insane!
But just in case, figured now is a good time to start. Will add if it goes to 3980 and then again at 3955.
Safe trades everyone!
Also don't follow my traders per se, do your own analysis as always and trade your own plan =). I could be wrong so its important to always verify your own plans and ideas :).
Thanks everyone for reading and catchya later!