BengalTigger

ES. Money! Money! Money!

Long
CME_MINI:ES1!   S&P 500 E-mini Futures
We tagged the 35 area which was the POC for the entire year of 2018. IF we look carefully, we consolidated between 2620 and 2790 for 2 months in 2018 (Oct-Dec) before breaking lower. For the sake of symmetry this could potentially be the case currently. For now, as I have mentioned before, the 2704-2695 area is VST and ST support. AS long as these hold, then the likelihood of getting to the top of the Oct-Dec in the 2780-2790 area become much greater. In any case, based on the daily chart, the bearish scenario really comes into play below 2620. So, for now, as much as it is a slow grind and many still believe we are headed waaay lower (which we will likely will) it is best to play this from the long side till proven wrong. Next, I am eyeing the 44 & 52 area above and below the 15-17 and the 04.25 areas. The rounded top on the chart is still valid, but for it to materialize we need to see the market head south to the 04-92 level.

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