It's never easy to predict anything in the market. All we can do is look at the current events, information and make educated guesses and anticipate the move higher or lower. That is exactly what is done here!
We are in a "pullback" area where the market is in a correction move right now where the S&P 500 (the economic index) is down about 7% from its all-time...
Market sold off during ETH session to test yesterday's RTH session Low.
Perhaps, it will rally to test yesterday's RTH session High at least.
Level to watch 3386 --- 3388
Reports to be aware:
US: EIA Natural Gas Report
10:30 AM ET
US: EIA Petroleum Status Report
11:00 AM ET
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S&P500
The price broke above trendline and is above support/resistance level ,after a pullback If price continue to hold above the Support/resistance level then there is a chance that price might continue to grow.
For Entry:
Wait for the formation of Bullish Candlestick Pattern to close on 1hr timeframe...
S&P500 price action and key levels.
Current bearish sentiment discussed and active trade is explained.
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After three days of sell off, it seems that market wants to rally since it is currently trading above Fibonacci 50% level of yesterdays RTH session.
Any test of Fibonacci 50% level should provide some direction.
Level to watch 3354 --- 3356
Report to be aware:
US:JOLTS
10:00 AM ET
I think we get a bounce tomorrow because MFI and RSI touched oversold (doesn't show anymore though).
Up tomorrow, down Thu, up Fri is my guess for now (usual pattern anyways), then weakness next week. If the market was gonna tank, small caps would be down a lot more. Looks more like a tech selloff than anything.
Will update as appropriate. Holding EWZ weekly...
It seems that we are going to have a gap down Open.
Friday market sold off in the morning to bounce back significantly to Close at Fibonacci 50% level for the day.
It indicates that Buyers are waiting at certain levels.
Level to watch 3370 --- 3372
Last week was hot for stock traders. As we discussed SP500 rallied a bit higher and was rejected. The Advance Decline Line did its job perfectly. I think the market can retest 3500 or higher and if rejected, we can sell for 3200. We still can see a big rally this year. Cycles and Fed Funds forecast indicate the beginning of an uptrend at the end of September....
S&P 500 E-mini Futures H4 critical support and resistance level to watch
We have seen a pullback to around Feb 2020 highs and the pre-crash level, which is around 3394.25, a critical level that could determine the market's future direction.
I think the Index needs to remain above 3394.25. to head back up. The Index fell Friday's session below 3394.25 and was...
ES at the daily view.
This is a project that my trading team and I are conducting. This is 6 of 9 charts (available on Trading View) that searches for clues for an imminent correction by using both June and September 2020 cases. It's a comprehensive overview that connects the charts volatility, trends, divergences, credit, and currency strength.
The dotted red...
Neutral Call, 4-day trading week with a huge expansion of Expected Move from last week's $62.
Last Week: $62 EM / 5 Days = $12.5/day --> Next Week: $107.75 EM / 4 Days = $27/day
Volatility is like toothpaste; Once it's out of the tube it's hard to put it back in.
The market is seeing a ton of risk in the volatility futures 47 days out for some reason....
Interesting correlation and a leading indicator I picked up from Russell Napier since November 2008. He gave me a tip about TIPS, available in his book Anatomy of a Bear. TIPS is one of the leading indicators used by RN.
In this correlative analysis, TIPS gave a heads up of the unsustainable rally of the equity market with a bearish divergence in the MACD. Now...
