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...
ES just broke below an ascending channel and made a double top at supply. However, it's still holding above 5240 so I think it could end up bullish, we have a descending trendline now that could lead to a breakout as well. I'd look to long if above 5240 with a target of the previous double top/supply. If it breaks below 5240, I like shorts targeting demand near...
From the 2HR perspective, ES looks to be forming an "M" shaped pattern, signaling and bearish reversal. I believe we can continue to pullback to at least 5230 for a short term day trade, as price may continue to press down to gather liquidity from the daily fair value gap from 5232 to 5218. We are anticipating core inflation data this week that could influence the...
With bullish price action this week, some sort of retracement is considered healthy and with 5229.75 in the cards for a draw of liquidity, next week will be interesting.
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...
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.
It seems that the recent upward movement is a powerful movement and has high goals, if the support is maintained, the continuation of the upward trend is likely
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
