ES at the 4 hour.
The ES is still in a giant bear flag pattern since July 23rd. With the Fed press conference tomorrow, I wouldn't be surprised if this gets pumped up for that press conference then starts dumping on Thursday.
The VIX right now is projected to break its wedge between 7/30 to 8/5. Obviously, I cannot get an exact date, but it's in that date...
Hello, ES1 is now at a distinct entry point to buy, but we buy in the place indicated by green, and upon breaking the first green resistance we will make a profit
Bonjour, ES1 est maintenant à un point d'entrée distinct pour acheter, mais nous achetons à l'endroit indiqué par le vert, et en brisant la première résistance verte, nous ferons un profit
Market tried to rally during overnight session, however it sold off to test Fibonacci 38.2% level of yesterday's RTH session.
Any test of yesterday's RTH session High should provide direction for the day.
Level to watch 3215 --- 3213
Report to be aware:
US:Consumer Confidence
10:00 AM ET
S&P 500 Futures bounce back at 3204 and breaks the critical resistance point at 3216.25.
The Index has breached a critical point at 3216.25, indicated in my previous post and taken out another level at 3224.00 The Index and could reach its next target at 3236.25 if it remains above 3224.00
Market has been trading in a range during overnight session, after rallying to Fibonacci 1.272 level of Friday's RTH session.
A test of ETH Highs could set direction for the day.
Level to watch 3211 --- 3209
Just stating the very obvious, there is a noted shooting start candlestick pattern on the S&P500 futures, ES1!, weekly chart. This is typically followed by a down candle to confirm a turn. The candlestick of formed with a larger selling pressure during the week, despite attempts to proceed upwards. Buyers were crushed by sellers, and the week ended lower than when...
The last two days of the week saw a technical turn in the S&P500 futures, ES1!. It started with a surge rally that sputtered, followed by a bearish engulfing and a down candle to complete the three outside down candlestick pattern. This is supported with a MACD crossdown in a bearish divergence setup.
Appears to me meeting the 55EMA, the trailstop and widening...
I revised the size of the overlay and shifted it to the left a bit to make it fit better.
In any case, I expect the market to dip on Monday and possibly into Tuesday pre-market then rally on the Fed or stimulus or vaccine or something. I always say that the market doesn't trade on news, except real news like inflation, taxes (including tariffs), interest rates,...
After yesterday's sell off market could not put together a rally, sellers were in control.
Overnight session, market tried to rally but got rejected at Fibonacci 38.2% level.
Any test of yesterday's Close should provide direction for the day.
Level to watch 3225 --- 3223
Report to be aware:
US:New Home Sales
10:00 AM ET
ES at the 4 hour view.
The red line is the historical resistance. It stopped the ES back on June 05-09. It stopped the ES again this week. Had it not held, the next resistance would've been 3330 which was the February gap.
I was getting a little worried there since the resistance was starting to breakdown. However, it held in the end. I am not confident that...
🔸 China Macro Flows 🔸
The point of this configuration is that CNH is influencing the currency, equity and commodity board that can be seen in AUDUSD, NZDUSD, OIL, Gold and everything in-between...USD's cannot make any use of the Yuan devaluation and this has been a threat ever since Saudi unlocked the CNY oil contract.
For those tracking the Long-term Macro...
