Going over the price action from the CPI report and Overnight sessions. looking for clues as to what the market is telling us. talk less, listen more. talk less, listen more.
A strong end to Q4 Window dressing by fund managers who were underweight equities would trigger a cup handle pattern breaking the trendline of the pattern is around 4600 on the #ES I could also make an argument for HVF pattern we have a high 3 in place A recession will no doubt rear it's head at some point ... but a blow off top first to hand bears a...
As price has poked above 5333.50, the bear scenario has officially been invalidated. I have four different impulse waves from the low of 4963.50 (green ellipses). I see no way to create a diagonal from the price action in the orange ellipse. How these impulse waves will fit together is yet to be determined, but it is likely that ES1! will grind upward for the...
After the release of the CPI data on Wednesday buying momentum is picking up in the S&P 500. The expectation is follow through to the upside but not a large move on Thursday.
Good Evening and I hope you are well. overall market comment US CPI came in line and it was obvious that we would melt then, since yesterday PPI was hot and we melted anyway. Now we get a deep-pullback the last weeks after new ath’s and now we got the retest or new ath’s. From a technical point markets are now absolutely free to do whatever they want. Right now...
And now we're overbought on RSI and MFI. Dumped everything before I wrote this post. Made $4k on this stupid pump by going long yesterday, might take some of that and play for the dip tomorrow, but did well for a quick one day trade so might call it a week and go back to working on projects at home.
Trading Plan for Wednesday, May 15th, 2024 Market Sentiment: Bullish, but extremely overbought after 9 consecutive green days. Expect high volatility and the potential for a substantial rug pull triggered by the CPI data release. Key Supports Immediate Supports: 5257 (major), 5215-17 (major), 5208 (major) Major Supports: 5162 (major), 5133-36 (major),...
Today's trade plan will be very simple. I'm looking for a break and retest of 5300 for longs and shorts if it fails to sustain and break above 5300.
So trends that called for upward movement confirmed this upward movement last week. I had mentioned in my last video that the candlestick pattern for May 1st was extremely bullish, the following two days confirmed that movement in my opinion and given that trends called for upward movement, we crossed above the zero line on MACD Momentum into a bullish zone, and...
Going over Morning Price ACtion ES pre CPI. looking for clues as to how to trade the day. Not much to do till we get the CPI.
Long idea for ES, wait to see what price does at that internal range liquidity
Buyers returned in the S&P 500 waiting for the next challenge which is the release of the CPI numbers on Wednesday. The bias is for the market to continue higher but how it interprets and absorbs the CPI numbers is 50-50.
Another green day for the challenge account, ended up with about $94 total P&L for the session. Most of it was made on a QQQ long and took a small loss on PYPL. I got over these trades and talk about my expectations for CPI tomorrow.
It seems that due to the news, the upward trend has lost its strength, if the resistance is maintained, there is a possibility of a fall
Trading Plan for Tuesday, May 14th, 2024 Market Sentiment: Bullish, but cautious given the 8 consecutive green days. The risk of a sudden pullback increases as the market becomes more overbought. Key Supports Immediate Supports: 5235 (major), 5221-17 (major), 5210 (major) Major Supports: 5192 (major), 5174-76 (major), 5144-47 (major) Key...
The momentum in the S&P500 chart slowed down yesterday. With a view to the upper price target, however, there should still be room for further expansion in the current phase of the turquoise wave 5. Once the high has been placed, a larger corrective movement is on the cards. Please note our alternative scenario (38% probable). This option suggests the possibility...