a daily price action after hour update - sp500 e-mini futures

CME_MINI:MES1!   Micro E-mini S&P 500 Index Futures
Good evening and i hope you are well.

Markets went sideways today, as was expected and laid out yesterday. We are forming many triangles, which means that prices are converging and we get a break out soon. Bears tried a bit but bulls bought it, which confirms my thesis of higher prices. I still expect a bit more sideways movement. If i had to guess, i’d say we reach the tops before Opex and crater into or afterwards. But that’s guesswork and you should not trade on such things. Let’s look at me painting and how the sp500 did today.

Sell vacuum to support from the open down to 4937, which was 5 points above Friday’s open. Bulls bought it and bears stepped aside. We closed 11 points below the open. Daily 20ema + 15m 20ema is pretty flat and we are in multiple triangles. Odds just scream more sideways until breakout.

bull case: Yesterday i said a pullback is in order and we will probably trade sideways, that was pretty spot on. Now we wait for the bull breakout and a new ath or a couple. I have no doubt market will print them.

bear case: Still not much. Best they can hope for is a trading range and stop the advance but they are weak and when that changes, you will notice. It’s still BTFD.

short term:
Sideways to up. Look for longs.

medium-long term: Down - what would change that? two consecutive daily closes above 5100

trade of the day: Short from the open after bar 37 and exit on a bull bar. Buy the 3 bar reversal (bar 39, 40, 41), latest bar to long 44


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