Looking forward to next week the daily chart is pointing to a continue rise in price over the next 10 days or so. I still believe that we have few more hurdles to clear particularly the current ATH of 4238.0, should we clear that level of resistance the next two levels of resistance are at 2ATR and 3ATR with prices of 4269.5 and 4317.0 respectively. It's also interesting to note that we have yet to get oversold in the V-Score as of yet, so there is still more room to grow over the next 2 weeks or so.
Looking towards next week a key support level that I'm looking at is 4203.25 which happens to be the 50 Day EMA. I'm definitely interested to see how the market responds to that level of support early next week. Should we hold that level then I would look towards a push to 4269.5. If not I would look towards our daily mean regression of about 4177.75. (See image above)
I feel fairly confident that we will be visiting the 50 Day EMA of 4203.25 because the current price of the ES is at 4227.75 which is at the 3ATR level. Furthermore, we have a declining V-Score which signals to me the start of a declining price at least in the Sunday night session or the Monday intraday session. I would look for the V-Score to bottom out prior to looking for buying opportunities. (See image above)
(Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.)
Looking towards next week a key support level that I'm looking at is 4203.25 which happens to be the 50 Day EMA. I'm definitely interested to see how the market responds to that level of support early next week. Should we hold that level then I would look towards a push to 4269.5. If not I would look towards our daily mean regression of about 4177.75. (See image above)
I feel fairly confident that we will be visiting the 50 Day EMA of 4203.25 because the current price of the ES is at 4227.75 which is at the 3ATR level. Furthermore, we have a declining V-Score which signals to me the start of a declining price at least in the Sunday night session or the Monday intraday session. I would look for the V-Score to bottom out prior to looking for buying opportunities. (See image above)
(Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.)