In this video, I discuss the different performance between leaders like the Russell 2000 + Nikkei 225 and laggards like the S&P 500 and German DAX, as well as what's driving it. I also update my thesis on the upside breakout on the S&P 500 and how I'm looking to trade it if/when we get a move above 3815-3817.
The Nikkei 225 continues to show relative strength and has one of the cleanest absolute trends of the global indices I track. It's already breaking out ahead of the US and European indices, which suggests to me we could see them follow it higher in the next day or two. If you're trading the equity indices --- keep your eye on the Nikkei 225 for clues.
The S&P 500 futures are trying to get above the top of their range at 3804. The last hourly candle closed above it and we're seeing relative strength from the Russell 2000, Nikkei 225, and other indices here in the US and around the globe. Testing the waters here if I can get an entry at 3805 and look for upside towards 3855 over the coming hours/days. My stop is...
Looking for some continuation of the rally since the cash open. Need to see a breakout above 3804 to confirm that, so I've got a buy stop in above that level with a stop just below the recent low and a target of 3820. If it doesn't trigger, all good. Will wait for a cleaner setup to develop. Max position size based on the current reward/risk is 6 contracts, but...
Still leaning bullish:
TG1 🎯: 3848
TG2 🎯: 3894
Activity below friday's close of 3823 ⏱️ could open up a retracement to:
📊3: 3727 (I would expect strong buying activity here)
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I believe that SPX is headed to $4400
Support is at $3233
Please do your own t.a, responsibly manage your risk, and stay safe.
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Let’s get it!
Buying continues with TSLA going to ATH, making Elon the richest man. At this rate, this wealth will be double that of Bezos very soon. And today is #NFP, so anything is possible but for now, difficult to call the top.
Bias is up above 3809-12.
Watch 3828.2 for a touch just before European open. If rejected, look for shorts to bias zone for possible bounce to...
Have fun. We have a gap up and a strong sell down. This is bearish.
My bias zone is at 3718.5-27.25. Above R are 3740.5 and 3747.75. Strong R zone at 3747.75, expecting it to cap high of WEEK.
Price now at 3700, my 1st support level. Break this and we will see 3688.5 (strong S zone) and 3680.75. Below this are 3654-55.75 and 3635.25 should cap low of day.
What's new? Nothing matters as long as liquidity is there
But price is over-extended (nothing new too) and market structure is weak.
Thus my blue bias zone is not low but high.
Bullish above 3706. Targeting 3720, 3729 and 3740.1 should cap high of day. 3761 is a super strong higher level R.
Below 3697 be cautiously bullish, targeting 3687-89. If zone breaks,...
I'm bearish today (and monday) and you can find my targets and price action prediction on the chart.
Disclaimer: This is not a financial, trading or investment advice
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Stay healthy, trade safe.
We have yet to see the final clown push on this three-ring circus. Usually there is one final parabolic push before coming to a crashing end.
Even though it will probably only be a 8-10% correction because money printer goes brrrrrrrrrr... there are some big factors that could cause a dump to cascade even further to lower fib retracement levels.
These are boxes...
Upmove continues, thus I shall stop my bearish view (on Twitter). My view means nothing, just follow my trade plan and you will do fine.
Based on price action, I do expect a re-tests of 3616 and even 3588. That is only healthy. But market doesn't care so blindly buying is the good thing to do.
My bias zone is at 3638-41.2. Above R are 3664, 3673-77 (strong R...