Price action in orange ellipse appears corrective, and in that light I feel more confident that the move from 5333.50 to 4963.50 was a complete impulse wave. From here, I see two possibilities: the bullish count (green) would have us at or near the low of today, with a move back up towards 5154.25 to complete a (B) wave; the bearish count (red) would have us...
This ES1 chart is the six + Europe and Asia trading sessions.
this hasn't corrected properly in over a decade.... and this is what it looks like when they print trillions out of thin air, as "aid for Ukraine" which is then spent entirely on weapons or infrastructure supplied by our military industrial complex. we were warned about this shit. Orwell,...
This ES1 chart is the six + Europe and Asia trading sessions.
this hasn't corrected properly in over a decade.... and this is what it looks like when they print trillions out of thin air, as "aid for Ukraine" which is then spent entirely on weapons or infrastructure supplied by our military industrial complex. we were warned about this shit. Orwell, ...
With the Fed making announcement on Wednesday, volatility would be expected in the S&P 500.
A change in the feds attitude towards interest rates being high longer is not expected.
Going over the days price action. looking for clues on how we could have traded the day better. always do your reflection period. without Reflection there is no Wisdom, only wasted time and time is something we just don't have a lot of. so Make it count. do the hard work.
SP500 open with a gap down.
going for a long position before it continues its trend downwards.
Entry: 5052.25
Stop Loss: 5040.75
Depending on how movement is my first take profit is ( 5072.25 )
Full Take Profit: 5086.25
Good Evening and I hope you are well.
overall market comment
End of month proved to be volatile and bears made clear that the last bounce was a lower high and we are on our way to new lows. My overall market thesis for the last 2 weeks was, that this bounce should be a W2 and we are in a new bear trend. Now bears need strong selling to break through the...
Its only the 2nd day of the trading week and this is how our weekly chart looks! ES price action fell to close a globex gap at 5082 today in preparation for FOMC day tomorrow May 1! We will I believe we could continue down as low as 4934 depending on the data this week. 4934 is supported by a weekly FVG close at that level. Its a great time to buy puts on SPY on short!
This is a quick update on daily vs weekly demand zones. I also kept my demand zone from the past that was noted from May 23'. We are at the start of the buy zone on the daily. I did look back and we are about at the average correction for a bull market correction for tech driven indices. I believe this stops soon if Apple and Amazon earnings are neutral or...
Mentioned this in the NQ post, ES is not oversold yet on RSI or MFI.
Recommend waiting until tomorrow to buy the dip, though gap direction may depend on earnings. AMZN tonight, QCOMM tomorrow, AAPL on Thu afternoon.
Trading Plan for Tuesday, April 30th, 2024
Market Sentiment: Bullish, within a consolidation period likely followed by a breakout. Exercise caution and patience with trades.
Key Supports
Immediate Supports: 5127-30, 5121 (major), 5108
Major Supports: 5083 (major), 5067 (major), 5039 (major)
Key Resistances
Near-term Resistance: 5136, 5150-55 (major),...
Stocks have survived a standard Ichimoku cloud pullback and the bull run off Volume Profile support of 4979. Price has recovered up to the 50% Retracement (Kijun Sen) of the move down.
5148 = 50% Retracement Resistance and price this week is responding to it. The Volume Profile Resistance above it is 5167.
These are the levels to conquer to resume the 2024...
