By popular demand, here is the ES at the weekly view. Each line was a historical resistance or support in play since 2002-2017. It's as if the ghosts of past recessions came back to haunt us. The top historical resistance is around 3500-3600 by the time we reach there. If you copy these lines, you can see how these lines interacted with the ES since the March...
Good probability: we have a uptrend The market will keep going up % probability: 65% Stop Loss: Red line Take profit 1: The Orange Line If the Candle cut with Force the First line ( Orange one) Then You can buy again Take profit 2: The Yellow Line
After any rally market gets sold off which could be a sign of distribution and what to come in very near future. Would like to see a test of ETH Low, which could set the direction for the day. Level to watch 3370 --- 3372 Report to be aware: US:Existing Home Sales 10:00 AM ET
SPX we have seen a short side inflection and will look for continuation in the pullback here. Stops above hold of 3385 areas. Tgt zones the volume zones of 3340s
ES at the daily view. The ES is behaving pretty predictably actually. I guess we know how this would end. 1) ES reaches all-time highs. 2) Overly eager bears will force their vision of a double top pattern followed by their dream of a crash. 3) Bears short with their leftover ammo then place their short stop at the most obvious place (around 3400). 4) High...
THE MARKET WILL KEEP GOING UP Probability For the First Target ( Yellow Line ) => 80% Probability for the second Target ( Green line ) => 60% Blue Line : Stop loss. The chart will keep going up, use the yellow line as your Take profit 1, then wait... if the Candle Cut with Force the line, You can buy and wait the Target 2 ( Green line) as your TP.
Yesterday market hit another ATH and sold off which continued during overnight session. Test of yesterday's Close could provide some idea about direction for the day. Level to watch 3365 --- 3363 Reports to be aware : US:Leading Indicators 10:00 AM ET US:EIA Natural Gas Report 10:30 AM ET
SPX has multiple failed local tops here, nothing much from a swing point of view but a developing mini inflection point here. Hold of the resistance areas can see a move down to test the zones of 3385 and lower bullish on hold above for new areas.
Just a theory. I want to document it here to refer back to. Not trading advice.
After hitting ATH yesterday, Sellers were very aggressive but market rallied to its morning High and closed near HOD. A test of yesterday's High should provide direction for the day. Level to watch 3390 --- 3392 Reports to be aware: US:EIA Petroleum Status Report 10:30 AM ET US:FOMC Minutes 2:00 PM ET
Looks like the S&P500 ran out of steam, as it climbed strongly, then leveled off, then consolidated, and a sudden breakdown. The fuchsia ellipsewas drawn earlier in another idea post, and now, it’s about time... Watch for a lower high and a lower low following...
market will keep going up Yellow Line: Take profit SL: you can close it manually but we have 90% => market will touch the target
We had a very narrow range of trading during yesterday's RTH session, but overnight session expanded that range. Therefore, one could expect the market to breakout one way or the other. Level to watch 3374 --- 3376