ES! Weekly and Intra-day targets
So we are off to games already on futures:
Tricky, tricky, tricky.
But I thought I would share your intra-day targets for today but also try something else. I will share the weekly math targets. This is new, I just developed this so lets put them to the test.
First, let's go over the intra-day targets for my fellow day traders:
So for this evening and tomorrow, we have the following targets:
Bull Targets:
1. 3744
2. 3762
3. 3779
Bear Targets
1. 3673
2. 3651
3. 3630
My personal preference target is 3744and 3673. I am kind of expecting to see both this evening and into tomorrow. I am looking to add short and so I will be looking to see rejection off of 3744 or slightly above if that is possible.
Weekly Targets:
So weekly targets are displayed in the main chart above.
Bull targets:
1. 3781
2. 3830
3. 3883
Bear Targets:
1. 3639
2. 3577
3. 3516
Preferred target:
The lower range is my preferred target this week. I do expect quite a lot of volatility. We have a bunch of news catalysts coming out this week and its going to add to the volatility.
I would initially aim for 3639, scale out some then lax trail to 3577 then 3516. I am not swinging futures here though, I am short on SPY and planning to be short on IWM as of tomorrow.
Will we go as low as 3516? Its possible. The last 2 weeks we have broke down from the lowest bear target and broke down from the weekly range:
So it is possible, if all of the news being released this week is overly bad, we definitely could just continue to fall parabolically outside of the weekly targets. Keep in mind this would push us really deep into oversoldness, but this has been the case for a huge portion of this year.
Anyway, that is it!
Trade safe everyone!
Tricky, tricky, tricky.
But I thought I would share your intra-day targets for today but also try something else. I will share the weekly math targets. This is new, I just developed this so lets put them to the test.
First, let's go over the intra-day targets for my fellow day traders:
So for this evening and tomorrow, we have the following targets:
Bull Targets:
1. 3744
2. 3762
3. 3779
Bear Targets
1. 3673
2. 3651
3. 3630
My personal preference target is 3744and 3673. I am kind of expecting to see both this evening and into tomorrow. I am looking to add short and so I will be looking to see rejection off of 3744 or slightly above if that is possible.
Weekly Targets:
So weekly targets are displayed in the main chart above.
Bull targets:
1. 3781
2. 3830
3. 3883
Bear Targets:
1. 3639
2. 3577
3. 3516
Preferred target:
The lower range is my preferred target this week. I do expect quite a lot of volatility. We have a bunch of news catalysts coming out this week and its going to add to the volatility.
I would initially aim for 3639, scale out some then lax trail to 3577 then 3516. I am not swinging futures here though, I am short on SPY and planning to be short on IWM as of tomorrow.
Will we go as low as 3516? Its possible. The last 2 weeks we have broke down from the lowest bear target and broke down from the weekly range:
So it is possible, if all of the news being released this week is overly bad, we definitely could just continue to fall parabolically outside of the weekly targets. Keep in mind this would push us really deep into oversoldness, but this has been the case for a huge portion of this year.
Anyway, that is it!
Trade safe everyone!
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Looking at the shorter tfs we can see that it really seemed to like this level as a support:
On the 5 minute chart (above) it does look like a rising wedge, which typically for SPY and ES like to break out to the upside (but it can truly go either way).
Will ES now bounce to the first weekly bull target?
From where futures closed at today, its just over a 3% move to bounce to this level.
We have further news catalysts being released in the coming days, including GDP.
Will this be positive or negative and will this cause a bit of a bounce?
Hard to say, but if you are feeling some short term bullishness, I think this is the appropriate place to have it.