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
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 5107/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
Recent price action on S&P futures suggests a potential rollover happening now, particularly after today's sell-off. This downturn began after the index peaked at 5,333.5 on April 1, 2024. Despite this, the upcoming Federal Reserve meeting and forthcoming high-profile earnings reports, such as NVDA's in late May, add layers of uncertainty. Notably, NVDA has...
I go over how to establish potential scenarios for an FOMC day and how to prepare accordingly. FOMC can be very tricky to trade, but if you have a plan and know the levels that are in play it can provide great opportunities.
Trading Plan for Wednesday, May 1st, 2024
Market Sentiment: Uncertain, with the potential for sharp swings amplified by the FOMC announcement. Increased caution and focus on capital preservation are paramount.
Key Supports
Major Supports: 5060 (major), 5043-47 (major), 5030-32 (major), 5000 (major)
Additional Supports: 4976 (major), 4938-41 (major)
Key...
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, ...
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.
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.
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...
