Although I became progressively bearish today, the weekly close is a spinning top - an indecision candle. With the previous weekly inverted hammer, and the ES structure still holding, the next week "may be" bullish, but nothing will be confirmed until the daily starts holding above the 18ma (currently sitting at about 3700). We were above it today at open and then lost it quickly so the bullish move from yesterday was not confirmed.
If we have a large gap down on Monday and break below 3500 during the week, it will look far more bearish and then the structure which has been holding ES above 3500 will become resistance. Daily chart is below as well as information on spinning tops - have a good weekend!
www.elearnmarkets.co...candlestick-pattern/
If we have a large gap down on Monday and break below 3500 during the week, it will look far more bearish and then the structure which has been holding ES above 3500 will become resistance. Daily chart is below as well as information on spinning tops - have a good weekend!
www.elearnmarkets.co...candlestick-pattern/
Comment:
you can see here an inverted hammer followed by a spinning top on the daily chart from january 26 and 27th of this year. It doesn't mean the same pattern will occur, but you can see how buyers gradually came in on both days and then overtook the sellers on the 28th.
Comment:
ES also closed above the all important 200 weekly ma, by 2 points
Comment:
I'm thinking this would be the most interesting and confusing move - Monday bounce from overnight lows, Tuesday Sell into Wednesday and then rest of the week recovery. Timing may be too short, but you get the idea. I expect the week to end bullish.
Comment:
50ma on monthly still holds for October
