Chart is SPX cash. Prices mentioned here are ES Jun if not specified.
0. Review
Called for a retrace overnight and resume climbing up to top. It did retrace to 2029 ES, and rallied to 2047 ES.
1. Volume-Price Analysis
1.1 Big picture
Expect temporary top @ 2065 cash or 2052.5 to 2056 ES - the .786 Fib level. The ES Jun chart cannot reflect fair value, instead, on a combine chart of Mar and Jun ES, the .764 target is 2058.11 ES Mar, which is 2047 ES Jun roughly(today's resistance level if you noticed, but not the major one).
But we take .786 as the major resistance level since it makes more sense than .764.(search for why).
1.2 A 2-day Forecast
3-17 to 3-21 are anomalies, if rate decision day is included, we have a 4-candle anomaly situation on the daily chart.
3-22 we reach a status quo, while the volume continues dropping, which validates our top prediction.
On the 5min 30min and 1hour ES chart today, we have volume anomaly around 2043.75 to 2046.5, and 2035 to 2041. which need further retesting.
Besides, Demark Sequential indicator needs daily bar 9 of 3-23 for a sell setup perfection. For tomorrow if it trades above 2041.7 cash, sell setup perfection will be completed. And also a sell count down is forming daily on bar 9 (need bar 10 to bar 13 to print, which is until early next Monday, it won't be surprising if we do not have a major retrace before early next week.)
So my call today is trade down to around 2035 overnight, then goes up to retest 2047 to 2052.5 level again.
Happy trading to all and trade with caution!
- Hank