Overnight session market has rallied without any significant pullback.
A test of yesterday's Highs should provide some direction.
Level to watch 3369 --- 3371
SPY - Rate of Change..room to rise
Take a look at the line I drew at the top indicator. Notice the recent rise is going towards that line as in the past you will notice it acted as resistence and support.
Market should take an aim at ATH and some is my take on this. Watch this play
This is the ES at the daily view.
The ES has been stuck in an ascending wedge for several days now. This explains why the range has been so small lately. The ES should break this wedge by either tonight or tomorrow.
Either A) we will get a blow off top pattern or B) we will get an immediate pullback. Scenario A is the better pattern to exploit. The parabolic...
S&P 500 E-mini Futures driving towards the critical level at 34000
The Index is currently trading above 3340.00 and needs to remain above this major level to reach 3400.00
This market just keeps rallying, It seems that traders want to test ATH which would not be surprising at this point.
A test of Friday's RTH session High should provide some direction.
Level to watch 3352 --- 3354
Report to be aware:
US:JOLTS
10:00 AM ET
Historically, this level of divergence is a great indicator of incoming correction.
BB getting wider and bottom flattening, could indicate trend change.
As with the earlier chapter on Nasdaq, the S&P500 similarly, if not more, appears to have been over stretched and first signs of stalling are in place. Currently on the target level set out previously, there are two main choices for this week... firstly, to have renewed momentum to push higher past 3400, or roll over and rest 3200 support.
Let’s see...
Some time ago we discussed a possible retest of 3400 in SP500. That is exactly what is happening right now. 3400 is the magnet now. The Advance Decline Line is weak. So, likely we will see a profit booking near the double top. Besides, we see signs of distribution in volumes. Big players are getting out of the market slowly during the last few weeks. I am looking...
US indexes keep growing.
probably they haven't heard about the massive unemployment rate and corona aftermath all over the world.
nothing can stop the global economy.
who dares massive gbp loss this year,
who dares the spike in bad debts.
if you noticed a salary decrease during the last few months, probably you just don't know how to count.
it looks like...
ES at the 4 hour view.
It's pretty obvious that today had some profit taking in the morning. However, the ES rallied in the afternoon due to 1) high liquidity levels where there were a lot of available buyers below and 2) eager bears who are trying to get their money back and covered their shorts again.
This is why you need to look at internal market data....
Overnight session market has sold off to find support at Fibonacci 38.2% level.
Any test of ETH Low would probably set direction for the day.
Level to watch 3333 --- 3331
Reports to be aware:
US:Wholesale Trade
10:00 AM ET
US:Consumer Credit
3:00 PM ET
SPX had a strong run, not sure we have still flushed out the bears here.
We would like to see for a hold below 3320 areas for a short side view with stops above 3335 for a tgt of 3300/3288
With VIX sitting at 22.7 we had a massive spike on the SPX futures. My best judgment was $3328 - $3338 range will stop the rally but I was wrong.
I expect a draw back to the lines above.
This is my first first drawing I publish so be gentle with the kicking.
![ES1!: [ES1!] Divergence Getting Large... How Far Can It Stretch?](https://s3.tradingview.com/m/MV7BdU0N_mid.png "[ES1!] Divergence Getting Large... How Far Can It Stretch?")
