overall market comment Markets clearly proved me wrong this week and right now the only question is how high this squeeze goes before we reverse. Dax already made a new ATH and it does not look like it’s going to stop anytime soon. For the sp500 & nasdaq markets tried multiple times on Friday to melt up on big volume but some bigger institutions stuffed the...
- 3 Failed tests on 4h timeframe - Price breakdown (hourly bear flag) - Price targets: 5226.75, 5153.75, trailing stop - Stop Loss: 5350 (break into ATHs)
- Strong rejection of a key level - Bearish structure formed at top of range - Possible exhausted bull run?
Going over the morning session ES looking for clues and how we could have traded better today.
The S&P500 index is preparing for its last wave up to fresh new highs. Crypto will also outperform all assets. After the blow-off top phase the "real" recession will begin.
Candle stick patterns. Mostly reversal with the exception of a Marabozu
Trading Plan for Friday, May 10th, 2024 Market Sentiment: Bullish, but with a cautious undertone after a significant multi-day rally. Expect potential profit-taking and a reduction in aggressive buying activity. A period of consolidation is highly likely. Key Supports Immediate Supports: 5235-37, 5228, 5209 (major), 5203 (major) Major Supports: 5177-79...
Last week ES reversed the downtrend and immediately looks bullish. I'm confident buying lows with defined stops. Watch for these 2 potential ideas in the week ahead. Thanks
Going over the price action Overnight ES looking for clues as to how to trade the morning session. We are lowering risk Day 6 uptrend
Going over todays price action. looking for clues to what the market was telling us and reflecting on our trades and what we could have done better.
I think we will go back down and test the 4960 area. We have broken the short term Up angle today in one swoop. RED UMVD has appeared after divergence as well. FED Day today - get ready for some serious moves.
ES has broken above a bearish ascending wedge pattern on the 4hr. It failed to sustain above yesterday, but has recovered today so far. If it manages to keep going, I'll be looking to long on any pullbacks that tap the top end of the wedge.
I'd expect ES to be relatively flat after we didn't get much of a reaction to jobless claims. It's been chopping for several days and I have no reason to believe it will break today, but if it does breakout here are some paths.
Trading Plan for Thursday, May 9th, 2024 Market Sentiment: Bullish, but with increasing uncertainty as the market enters a consolidation phase. Expect choppy trading within a defined range. Prioritize patience and focus on level-to-level scalping for small gains. Key Supports Immediate Supports: 5203, 5194 (major) Major Supports: 5177 (major), 5155 (major),...
BLUE SKIES Would you have believed it If you were told a year ago. When every expert was predicting a recession. (which will come of course but when no one is expecting it ) So the conditions are set for a melt up I believe #Bitcoin bottoms very shortly maybe this week or next (grab some bitcoin miners!) ENJOY THE NEXT few months! #CNBC will trumpeting SOFT...
Market Observations: The S&P 500 futures NYSE:ES and S&P 500 ETF AMEX:SPY have consolidated with low volume over the past two days. Trading Strategy: Given the current range-bound price action, I am not actively seeking trades around the 5200-5210 level. Instead, I am looking for a breakout from this range accompanied by increased volume to establish a...