UnknownUnicorn981629

V1:W1_S&P 500_Trading the week ahead_Levels of interest_Updates!

Long
FOREXCOM:SPXUSD   US SP 500 CFD
Hello everyone! Enjoy the analysis!

Stocks and Indexes are in the midst of a nasty pullback. To the untrained eye this looks nasty but do not play a fool, this pullback is textbook HEALTHY. Happens at least once a year. The US Stock market is the SINGLE best place on earth for capital growth. This discount is truly a blessing, do not miss this pullback. Do not forget who is president and who was put in charge of the FED who controls this market.

But we cannot buy too early. All indications are representing the bottom is in here. The foundation is sturdy and price bounced of a MAJOR fibonacci cluster that has been influential since the start of 2018. But based on my experience trading the S&P , she won't simply run higher nicely. She will stopout traders anyway possible before making the move higher.

So in this context, I am most excited about a run down to those lows to look for longs. I would not be surprised to see price run 5 or 10 handles past that low, but rest assured I will be watching VERY closely when price is around that 2708 level to take long positions.

In the event price closes the week below those lows I would in fact assume a loss.

In the short term price is coiling in a tight channel which is setting up perfectly for a nice trickery setup to start the week. At some point this week I expect it to break with force to the downside to retest those lows and fill my entries but the move with most likely will not be Monday or even Tuesday. I know this market likes to hurt people, so we will likely break higher and continue putting in false bottoms until those lows are re-tested. Be careful and watch for sharks!

Please note I will be trading the E-mini futures /ES as a United States citizen I cannot trade SPXUSD . However, the live CFD data is free with Trading View and SPXUSD is simply a derivative of /ES. Don't be alarmed

If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated! Disclaimer: Your data may be different. Material is educational only. Trade at your own risk!

Comment: The ES bounced off a pretty substantial fibonacci level during the overnight session. Since then the US session has traded higher with a healthy pullback 9:30-10 that setup a valid buy signal into the 11 hour. I am always weary of reversal around 11 however today it happened at 10:30. Luckily the low got rejected harshly setting up for a decent long into 2pm. 2pm Eastern is one of my target zones for reversals. Price pushed back down to the center of gravity before finishing the EOD rally. Please note, the purple circles are IDEAL entries. I did not take each one and Some are better than others. The circumstances are different for each, but identifying trades and studying them is part of my system.
Comment: Tuesday Oct 16 - ES pretty much ripped higher all day with no pullbacks. The only real thing to do today was buy the high and that's not a trade I like to take but today it paid.
We are now at significant levels of overhead resistance on the daily. I am watching patiently for those lows to be tested. Today was too fierce of a day to commit to a hold at this point in time.