Day Trade Market Condition jun 21, 2023 levels for NQ ES CL BTC watch the table left side for trade, right side for trend
The S&P500 crossed under the MA50 (4h) and is approaching the bottom of the 1 month Channel Up. That would complete a -2.60% decline from the top, which is consistent with the pull backs of late April and May. Trading Plan: 1. Buy at 4340. Targets: 1. 4515 (Resistance 1). Tips: 1. The RSI (4h) gives the most optimal buy entry when it crosses under the 30.00...
S&P 500 INDEX MODEL TRADING PLANS for WED. 06/21 In our trading plans for Fri. 06/16, we wrote: "The spectacular bull run of the last few weeks fueled by speculation around the Fed policies and, possibly, an epic short squeeze, could be consolidating in the week ahead". This has played out as anticipated with yesterday's consolidation. It appears gaining traction...
Markets pulled back yesterday and ETH session seems to be trending down. Any test of yesterday's Low could provide direction. Level to watch 4413 --- 4411
The 4195.75 long-term support area can contain selling through the balance of the year, above which 4606.50 remains a 3 - 5 month objective, the 4808.25, January 2022 all-time high expected by the end of the year. On the way up, 4606.50 can contain monthly buying pressures, with a settlement above 4606.50 indicating the targeted 4808.25 within 3 - 5 weeks,...
S&P500 / US500 almost touched today the 4hour MA50 for the first time since June 1st. This is a Support and as long as it holds (along with the Channel Up), buy and target Resistance A at 4500. If the price crosses under the Channel Up, sell and target the 1day MA50 at 4235. If the 4hour RSI makes a Bullish Cross before 4235 gets hit, then book the profit on...
Day Trade Market Condition jun 20, 2023 levels for NQ ES CL BTC watch the table left side for trade, right side for trend
The S&P500 is trading inside a Channel Up since the March 13th low with 1D technicals heavily overbought (RSI = 72.465, MACD = 71.880, ADX = 42.303). That is a first bearish flag, with the second alert coming from the 1D RSI which hit on Thursday the HH trendline that started back in November. That is a major sell signal, calling for a pull back near the 1D MA50...
The 4195.75 long-term support area can contain selling through the balance of the year, above which 4606.50 remains a 3 - 5 month objective, the 4808.25, January 2022 all-time high expected by the end of the year. On the way up, 4606.50 can contain monthly buying pressures, with a settlement above 4606.50 indicating the targeted 4808.25 within 3 - 5 weeks,...
A less demanding and yet more robust looking alternative would be to drop expectation of ABC flat and replace it with WXY double zigzag. This scenario popped up just now when I erased some of the previous drawings, zoomed out and tried thinking bigger and less anchored by the previous ideas.
The base case scenario revolves around the idea with ABC flat. The price therefore needs (i) to stay inside the channel and (ii) dip below the red dashed line to penetrate into wave territory.
Last week I expected a more pronounced correction (wave b) that never materialised, so I did not do any trading in SP500. This week I expect the market to form a local top by either doing an expanding diagonal (blue) or by tracing an impulse wave (black labels (4)(5)).
S&P 500 INDEX MODEL TRADING PLANS for FRI. 06/16 The spectacular bull run of the last few weeks fueled by speculation around the Fed policies and, possibly, an epic short squeeze, could be consolidating in the week ahead. Weekly options expirations could be playing another factor today. The potential bull trap cautioned about by our models continues to be in...
Day Trade Market Condition jun 16, 2023 levels for NQ ES CL BTC watch the table left side for trade, right side for trend
So while I've had some gains on this market, especially below the 4300 range, at this point I cannot explain where this extreme level of optimism and risk taking behavior is coming from and I think it is time for me to walk away. While I can agree we are in a Bull Market, and I do not think at this point that we will be visiting the lows of 2022 without some...
For Friday, 4446.50 can contain selling through next week, above which 4603.25 remains 2 - 3 week objective. Upside Friday, 4509.00 can contain session strength, while closing above 4509.00 should yield 4603.25 by the end of next week, where the market can top out through July activity. Downside Friday, breaking/opening below 4446.50 allows 4395.50...
So we ran along the 30m uptrending line yesterday, and keep nearing striking the 6hr insanely steep ascending trendline I didn't think we could maintain. Much to my dismay, I am sitting in my negative trade. I may soon just eat a loss, which will cause me to take a day off as per my risk management plan. Luckily at the moment I did go Long yesterday in a couple...
S&P 500 INDEX MODEL TRADING PLANS for THU. 06/15 The potential bull trap cautioned about by our models continues to be in play, while the markets seem to be calling the bluff of Powell's hawkish posturing in yesterday's "hawkish pause" presser. Nevertheless, bears should be cautious of not jumping the gun but wait for confirmation before initiating any shorts. It...