ES at the 4 hour. The ES was stopped by the historical resistance (red line) for a second time. The first time was in early June.
The VIX and VVIX were giving a warning for 2 days that some sort of pullback was coming. It's why I didn't go long here. I'd rather wait for the VIX to clear up and present me better long opportunities.
That said, liquidity is rising...
Keep watch of this ratio-We're looking like 1999 based on this ratio. Tech to go hyper before tech wreck 2.0? The recipe is slightly different but it's starting to smell the same. Even if this plays out, we should see the NASDAQ cool off & consolidate for a bit..perhaps we'll see some weakness going to the Fall prior to election with increased volatility in the...
Overnight session market has rallied to Fibonacci 1.618 extension of yesterday's RTH session, there could be resistance at this level.
Test of ETH Highs should provide some direction for the day.
Level to watch 3255 --- 3253
I mentioned yesterday that the ES was hammering to the upside to escape its wedge.
It happened.
The next resistance would be that red line above at 3260. It was support back in 2017 and it acted as a resistance zone back in early June.
If this resistance doesn't stop momentum, then the next resistance would be 3330 which was the original bear market gap from...
Everytime we bounce off the Heikin red daily on Nasdaq we went for all time highs. This lines up with MSFT earnings and tech, these should rise it up solely
Initially during overnight session, market sold off and currently it is trying to rally.
Need to see a test of Fibonacci 50% level from Friday's RTH session for direction.
Level to watch 3212 --- 3210
This is the ES at the 4 hour view.
Judging by the price action, the ES seems to be hammering that resistance away (red dashed line). The VIX is breaking minor supports below. However, the VVIX is implying higher volatility.
This is usually a set for a pop higher then a pullback.
There is a gap between 3250-3327 which has not been filled from February. I think...
Hi Folks,
The S&P500 chart was looking pretty interesting so I just thought I'd throw my 2 cents into the fray. My thought process is as follows:
We have been stuck in the range of 3200-3400 for the past few days. As such there are Stop Losses accumulating outside the range as indicated by the yellow regions of Stop Loss Area 1 and Stop Loss Area 2.
1. Since...
Market has been trading sideways during overnight session, except this morning.
Would need to see a test of ETH Highs for direction.
Level to watch 3205 --- 3203
Report to watch:
US:Consumer Sentiment
10:00 AM ET
ES is in a chop shop. Why? It's because OPEX is tomorrow which will be a volatile mess. Also, sectors are rotating investors/traders. People are dropping growth stocks in tech for dividend stocks. Why pay an overpriced tech stock with no dividends when you can get an undervalued financial/transportation stock with dividends? It's a steadier, less volatile...
