SP500 E-Min - Monthly Chart - 25 May 2024Here is a monthly chart, with my forecast of where price may go. I'd wait for a pullback before i would then look to long. Long02:12by TraderRiz0
Overreaction on ThursdayAfter the overreaction by the S&P 500 to the fundamental news Fridays bounce back to the upside in the S&P 500 is logical. The issue now is will buyers follow through in the shortened session on Monday.03:48by DanGramza3
S&P500 - Clues to BUYThe S&P 500 is my favorite market to trade however my strategy struggles when price enters All Time Highs by design. I tend to try and hold positions into ATH's and beyond but this recent uptrend has proven too aggressive for my entries (See attached ideas). Last weeks close is a very subtle clue about institutional intention to buy this market. My intuition says S&P500 is likely to move higher and start the price exploratory process between 5600 - 5350. This is a common process pattern through the summer months observed historically (institutional investors allocate before leaving for summer vacation maybe?) Unfortunately, it also means any trades for me have reduced odds until price clearly defines levels that provide my strategy an edge. As price explores above, I'll be mindful of quick tests of support. I personally would not be comfortable with any swing long entries above 5290, which seems unlikely. From a day trade perspective, 5325 should provided good support and I doubt price trades below it for very long. Time/Price analysis indicates 5600 is a good level to watch for exhaustion of this push. 5185 and 5510 could offer some setups. Daily closes below 5300 invalidates this idea. Any trades related to this idea in the weeks to come will be posted below. Likes and Follows are appreciatedLongby GrayTrader01Updated 1
Trading Plan for Friday, May 24th, 2024Trading Plan for Friday, May 24th, 2024 Market Sentiment: Uncertain, as the market has transitioned from a rally to a short-term dip. Bulls are attempting to defend key supports, while bears are looking for further downside continuation. Key Supports Immediate Supports: 5265 (major), 5253 (major) Major Supports: 5230-35 (major), 5202 (major), 5177 (major) Key Resistances Near-term Resistance: 5293 (major), 5302 (major) Major Resistances: 5317 (major), 5380 (major), 5400 (major) Trading Strategy Post-Rally Dip: The market is now in a short-term dip after a prolonged rally. Exercise caution and avoid chasing longs or shorts. Long Opportunities: Look for a bounce and reclaim above 5274 for potential long entries. Consider failed breakdowns at 5265 or a dip and reclaim at 5230-35 for more aggressive long entries. Short Opportunities: Consider shorts at 5317 (if the market rallies strongly) or on failed breakdowns below 5265 after a bounce/retest. Exercise caution and take profits level-to-level. Focus on Reactions and Price Discovery: Wait for confirmation signals and clear reactions at key levels before committing to any trades. Bull Case Defending Support: Bulls need to defend the 5265-72 zone to prevent further downside and maintain the possibility of a bounce. Reclaiming Resistances: If bulls reclaim the 5293 and 5302 levels, the dip could be considered over, opening up a potential move towards the previous highs. Bear Case Breakdown Signals: A convincing break below 5265 could trigger further selling, targeting 5230-35 and potentially deeper levels. Look for bounces/failed breakdowns at these levels for potential short entries. News: Top Stories for May 24th, 2024 📈 U.S. Durable Goods Orders: The latest data shows an unexpected increase in April, suggesting resilience in manufacturing despite economic headwinds. 🌍 Geopolitical Tensions and Their Economic Impacts: Recent surveys indicate that geopolitical risks are a top concern for global family offices, with significant implications for asset allocations in North America and Asia Pacific. 🛡️ Shifts in Safe Haven Assets: In an environment of growing debt concerns, investors are increasingly turning to gold over traditional government bonds, marking a significant shift in safe haven preferences. 🌎 Climate Change and Economic Impact: A session at the 10th World Water Forum highlighted the severe economic repercussions of climate change and water scarcity in Laos, underscoring the urgent need for sustainable water management solutions. 📊 Global PMI Data Releases: The release of the S&P Global Services and Manufacturing PMI reports provides critical insights into the economic conditions of the services and manufacturing sectors, which are key indicators of overall economic health.Longby spytradingpro1
#ES_F Day Trading Prep Week 5.19 - 5.24Last Week : Last week Market opened under the VAL of this 5368 - 5207 HTF Range with our Sellers being in Value/VAL and Cost Basis/Supports at the lower Edge. We spent few days consolidating between VAL and the Edge with a move on Tuesday that first failed to hold under 5230s pre market and then afternoon push over VAL trapping the shorts under Value. Wednesday data brought in Volume and market continued higher through next Key Area putting the squeeze on and pushing us in/through VAH, from there one more target was left to test the Edge and see if we push through it and accept or we get a response in opposite direction, discussed last week before the tag that first tests of these bigger HTF areas often provide good response in opposite direction which gave us a tag/ supply build under Edge and a move back to VAH with Friday closing the week with filling the buyers with that Supply around VAH. This Week : Few things we know so far going into this week, of course depending where we will open and what we do in Globex but for now we are inside 5341 - 5290 Intraday Range, we are inside T2 Range with buyers in/under VAH and Trapped Supply/Sellers still could be over 30s and closer to the Edge Bottom of 5348. So far it looks like market has chosen 5368 - 5207 to be our HTF Range going forward until we will be ready to move out of it again which tells me we may spend time balancing around it back and forth while we distribute and fill orders as we will have buying and selling in it from Trapped Shorts and Trapped Longs/New Longs who will be looking for continuation out of this Range. For us to see continuation higher out of this HTF Range we would need to either build a base under the Edge bottom or see a strong bid through it trapping more sellers under AND start balancing over 5256 - 52 area without coming back in, until then holding under the Edge will mean weakness BUT it doesn't mean we will just sell back down that easily as well, we have to consider that we are at ATH with no overhang above us and no real Volume built up here just yet that would give us stronger moves lower. With that in mind there is a chance that we might spend some time in and around this current Intraday Range of 5341 - 5290.25 building that Supply. As been mentioned over last few weeks, have to be careful of smaller ranges and quicker/smaller moves, especially now that we might have both sides starting to be trapped and looking to be trading in and out of their size around here. IF Volume does come in and we accept back inside the Value and start holding under VAH we could see a move all the way back towards VAL to fill in the buyers in those areas, our Size Shorts would be trapped in Value and under VAL where we could expect absorption if we get there but careful as it could take time there as well. IF we don't get the Volume to push us through the above Edge or the Volume to give us acceptance and continuation under 5295.50 - 90.25 Key Support then we could spend quite some time around this 5341 - 5290 Intraday Range with pushes out of it being bought or sold back inside it. Levels to Watch : Current Range 5341 - 5290.25 5341 - 36 Key Resistance 5324.75 - 20.75 // 5310.50 - 06.50 Means for the Range 5295.50 - 90.25 Key Support If we are to just balance around this intraday range then we could see pushes out of the Means towards Key Areas and then returns back towards/into the Means, this is what I will be watching for unless it shows acceptance under/over Key Areas. If Accept over 5341 - 36 next Range 5386.50 - 5336 5356 - 52 // 5370.50 - 66.50 Means and Edge Top 5386.50 - 81.50 Key Resistance If Accept under 5295.50 - 90.25 5279.25 - 75.25 // 5264.75 - 60.75 Means and VAL 5249.75 - 44.75 Key Support by HollowMnUpdated 1
Price Action Review ES 5-23-24 what happened?going over yesterday's sell off. many traders wanted to quit but dont quit. reflect. grow. We need days like yesterday to dial in our trade management. Trade Management is every traders #1 Responsibility. its NOT making profit. its learning how to manage our positions. 02:59by BobbyS8130
ES short levelWE have a lot of confluences that we will go lower! ADR + M15 SIBI (Sellside Imbalance Buyside Inefficiency) + Range Deviations!!Shortby Keclikk4
TRACKING IPDA 20 40 60 RANGE5/23 - The IPDA range can be used to track and anticipate the quarterly shifts in the market. as of today 5/23 the ES has made a new breaking the projected 40 60 day highs . It is reasonable to expect the markets to drop to the 20 40 60 day lows over the next 3 months. by dclemens5610
Not looking for another big day downI am now looking for another big day down on Friday in the S&P 500. I think the market overreacted to the news they came out on Thursday.03:07by DanGramza2
2024-05-23 - a daily price action after hour update - sp500 Good Evening and I hope you are well. sp500 e-mini futures comment: Uber important trading day tomorrow. Bears need to bring their A game and trap bulls below 5300. If they manage to do so, we will close the week at the lows and get a huge sell signal going into next week. current market cycle: trading range key levels: 5270 - 5368. Below 5270 is 5220 and then 5200. bull case: Globex printed 2 bear bars in 23 15m bars. Market then got a second leg up to a new ath 5368.25. The sell-off caught many bulls off guard and never let them out if they bought the highs. Bulls need to quickly trade back above 5300 and then 5320 or they risk that more bulls will exit their long positions going into the weekend. Invalid below 5260. bear case: 5260 was around my measured move target, which we will very likely hit tomorrow. The real question is then if bulls can make 5250-5260 resistance or will we crash to 5200 and into the weekend? My preferred path is drawn on the chart. Invalid above 5320 short term: Bearish. This weekly close will be important. The closer bears could get it to last weeks close 5216, the better for them, going into next week. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. —unchanged trade of the day: Long since Globex on very strong buying to 5368 but market then went on and endless pullback and never let bulls out who bought high and that fueled the violent move down today. Shortby priceactiontds1
further price reductionIt seems that due to the maintenance of conditions by the Federal Reserve, the possibility of further price reduction is possibleShortby forkman110
Lord Medz live trade 23 May 2024Maximizing Evaluation Account Success with MNQ Trading: A Live Session Review Welcome Traders! In today's post, I'm diving into the world of live trading on the Micro E-mini Nasdaq-100 Futures (MNQ) using the Smart Money Concept (SMC). I'll be reviewing a recent live trading session aimed at maximizing evaluation account funding opportunities. Whether you're new to trading or an experienced trader looking to hone your skills, this session offers valuable insights into the MNQ market. Why I Trade MNQ with Smart Money Concepts The MNQ is a popular choice for many traders due to its lower margin requirements and the ability to scale positions with smaller contract sizes. By incorporating Smart Money Concepts, I can better understand market movements driven by institutional players, allowing for more informed and strategic trading decisions. Live Trading Session Highlights In my latest live trading video, I focused on the following key SMC strategies and setups: Market Structure Analysis: Identifying key swing highs and lows to determine market structure (bullish, bearish, or ranging). Using price action to confirm shifts in market structure and potential trend reversals. Marking areas of liquidity such as previous day highs/lows and significant support/resistance levels. Order Blocks: Recognizing institutional order blocks that signal potential areas of smart money entry. Placing trades at order blocks with tight stop-losses just beyond these zones to minimize risk. Observing the reaction at these order blocks to confirm the presence of institutional activity. Liquidity Pools: Identifying liquidity pools where stop-losses are likely clustered (e.g., above resistance or below support levels). Anticipating potential stop hunts by smart money to trigger these liquidity pools before reversing price direction. Entering trades after stop hunts to align with smart money movements. Fair Value Gaps (FVG): Spotting imbalances in the market where price moved too quickly, leaving a gap. Trading around these gaps as price often returns to fill them, providing entry opportunities. Using these gaps to set precise entry and exit points based on anticipated price movements. Risk Management: Maintaining a risk-reward ratio of at least 1:2 for each trade. Implementing trailing stops to protect profits as trades move in my favor. Ensuring no more than 1-2% of the trading account is risked per trade to preserve capital. Results and Takeaways By the end of the live session, I successfully executed several trades, demonstrating the effectiveness of these SMC strategies in real-time market conditions. Here are some key takeaways: Patience and Discipline: Waiting for the right setups and not forcing trades is crucial. This approach reduces the likelihood of unnecessary losses. Adaptability: Markets can be unpredictable. Being flexible and ready to adapt to changing conditions can improve trading outcomes. Continuous Learning: Each trading session offers new lessons. Reviewing trades and refining strategies is an ongoing process that enhances skill and performance. Getting Funded Evaluation Accounts My primary goal with these live sessions is to help traders secure funded evaluation accounts. Here’s how you can apply these strategies to achieve that: Practice Consistently: Use a demo account to practice the strategies highlighted in my sessions. Consistent practice builds confidence and proficiency. Follow Evaluation Rules: Adhere strictly to the rules set by funding programs. This often includes maintaining a specific profit target, maximum drawdown, and adhering to daily loss limits. Stay Educated: Continuously educate yourself through trading courses, webinars, and live trading sessions. Knowledge is power in the trading world. Watch the Live Trading Video To see these strategies in action and gain a deeper understanding of my approach, watch my latest live trading video on MNQ. Click the link below to watch now and start your journey towards securing a funded evaluation account: Watch Live Trading Video on MNQ Happy Trading! Stay tuned for more trading tips, strategies, and live session reviews. If you have any questions or topics you'd like me to cover, feel free to reach out. By focusing on Smart Money Concepts and risk management, this post aims to provide traders with the tools and confidence needed to succeed in evaluation account programs.09:19by Skinwah0
Over Night Price action REview ES 5-23-24going over the price action overnight looking for clues to what the market is telling us. NVDA another blow out report. NVDA is the stud of 2024 for sure. focused on NVDA and the AI sector. 01:09by BobbyS8130
Where is the S&P Target on Breakout?E-mini S&P (June) / E-mini NQ (June) S&P, yesterday’s close: Settled at 5328.00, down 17.25 NQ, yesterday’s close: Settled at 18,786.75, down 12.50 All eyes were on NVDA’s earnings report yesterday, but the E-mini NQ was already up more than 7% on the month. Despite that strength and a new record high, price action became stagnant in the week leading into this report. So much so that momentum and breadth began showing signs of exhaustion. A beat and raise from the market’s most powerful engine has revved indices, slinging the E-mini S&P and E-mini NQ further into fresh record territory and confirming what began a week ago: a breakout above the March high. If the E-mini S&P and E-mini NQ were about to embark on a new bull leg, it is imperative for our first major three-star support levels, aligning with yesterday’s settlement, to hold. Furthermore, the E-mini S&P tested what we have had as rare major four-star support through the FOMC Minutes and again upon NVDA’s release. This level was also tested and held last Friday and brings a line in the sand defining the next bull leg at 5303.25-5308.50. So, where to next? Two weeks ago, we wrote here that we believed the market began to confirm a bottom was created in April and through the first couple of days of May. We also expressed our upside target for this wave aligns multiple technical indicators with a Fibonacci retracement and a 10% run to 5459.75-5474.25. Today, we will use this moment to reiterate this target. Bias: Bullish Resistance: 5365.50-5370.50*, 5391.75**, 5400-5420.25***, 5459.75-5474.25*** Pivot: 5349 Support: 5343.25-5345.25**, 5334-5336.75**, 5328***, 5319.50**, 5303.25-5308.50**** NQ (June) Resistance: 18,977**, 19,085***, 19,319*** Pivot: 18,891 Support: 18,786-18,825****, 18,715-18,732**, 18,678-18,691***, 18,620-18,635**** *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. by Blue_Line_Futures0
Prep and Lean ES/SPX/SMCIScenario #2 in play from Daily PLAN: (LINK BELOW) Scenario 2: Neutral open if between 5340-5350. But if we open below 5334, then I think 5340-5350 may present resistance, if tested, for a target of 5316-5320. ES Trade Plan Inflection: 5331-5332 Upper lvls: 5345 / 5368 / 5377 Lower lvls: 5304 / 5292-5296 NQ Trade Plan Inflection: 18786 Upper lvls: 18812 / 18964 / 19143 Lower lvls: 18730 / 18671-18677 / 18643 / 18483-18510 Stay Frosty! Long08:03by Beyond_Charts0
Options Blueprint Series: Backspreads as a Portfolio Hedge1. Introduction Backspreads are a versatile options strategy as they allow traders to benefit from significant moves in the underlying asset, particularly when there is an expectation of increased volatility. 2. Understanding Backspreads A backspread is an advanced options strategy involving the sale of a small number of options and the purchase of a larger number of out-of-the-money options. This setup creates a position that benefits from large price movements in the underlying asset. 3. Generic Uses of Backspreads Backspreads offer traders a flexible tool to capitalize on significant price movements and shifts in market volatility. Here are some common uses: Market Sentiment Alignment: Bullish Sentiment (Call Backspreads): Traders use call backspreads when they expect a significant upward move. This strategy involves selling a smaller number of lower-strike call options and buying a larger number of higher-strike call options. Bearish Sentiment (Put Backspreads): Conversely, put backspreads are used when traders anticipate a significant downward move. This involves selling a smaller number of higher-strike put options and buying a larger number of lower-strike put options. Volatility Trading: Backspreads are particularly useful in trading volatility. They create positions with positive Vega, meaning they benefit from increases in implied volatility. This makes backspreads an excellent choice during times of market uncertainty or expected volatility spikes. 4. Hedging an Equity Portfolio using with S&P 500 Futures Put Backspreads Put backspreads offer an effective way to hedge a long equity portfolio against sharp downward moves. By setting up a put backspread, traders can create a position that not only provides downside protection but also benefits from increased market volatility. Setting Up a Put Backspread for Hedging: Sell 1 OTM Put: The initial step involves selling one out-of-the-money (OTM) put option. This option will generate a premium, which can be used to offset the cost of the puts that will be purchased. Buy 2 Lower OTM Puts: Next, purchase two lower OTM put options. These options will provide the necessary downside protection. Depending on the strike selected, the cost of these puts will be fully or partially covered by the premium received from selling the higher-strike put. Constructing a Positive Vega Position: The structure of the put backspread results in a position with positive Vega. This characteristic is particularly valuable as volatility typically rises during periods of sharp declines. Risk Profile: Below is the risk profile of a put backspread used for hedging purposes as described in section #6 below. 5. Market Scenarios Understanding how a put backspread behaves under different market scenarios is crucial for effective trade management and risk mitigation. Here, we explore the potential outcomes: Market Moving Up or Staying the Same: Flat P&L If the market moves up or remains around the current level, the put backspread will likely expire worthless. Market Moving Down Sharply: Increased Profitability If the market experiences a sharp decline, the put backspread would potentially become profitable. Impact of Increased Volatility: Enhanced Gains A rise in implied volatility benefits the put backspread as higher volatility increases the value of the bought puts more than the sold put, adding to the overall profitability of the strategy. Maximum Risk and Trade Management: Maximum Risk: Limited to the difference between the strike prices minus the net credit received (or plus the net debit paid). Trade Management: It is essential to actively manage the position. 6. Trade Example To illustrate the application of a put backspread as a hedge, let's consider a detailed trade example using S&P 500 Futures Options. Trade Rationale: Current Market Condition: The S&P 500 Futures have just created a new all-time high, indicating that the market is at a crucial juncture. From this point, the market could either continue its upward trajectory or experience a severe change of direction. Implied Volatility (VIX): The VIX, which measures the implied volatility of options, is currently very low at 11.99. This low volatility environment makes it an ideal time to enter a backspread, as any future increase in volatility will significantly benefit the position. Trade Setup: Underlying Asset: S&P 500 Futures Current Price: 5447 Strategy: Put Backspread Expiration Date: December 2024 Specifics: Sell 1 OTM Put: Sell 1 4600 put option Buy 2 Lower OTM Puts: Buy 2 4100 put options Entry Price: Sell 1 4600 Put: Receive $2,160 premium per contract (43.2 points) Buy 2 4100 Puts: Pay $1,068.5 premium each; total $2,137 for two contracts (21.37 points x 2) Net Cost: The net cost of the backspread is the premium paid for the bought puts minus the premium received from the sold put. Net Cost: $2,137 (paid) - $2,160 (received) = $23 net credit As seen below, we are using the CME Group Options Calculator in order to generate fair value prices and Greeks for any options on futures contracts. Maximum Risk: 500 – 0.46 = 499.54 points (distance between strike prices minus the net credit received). 7. Importance of Risk Management Risk management is a fundamental aspect of successful trading and investing. It involves identifying, analyzing, and mitigating potential risks to protect capital and maximize returns. When implementing a put backspread as a portfolio hedge, understanding and applying robust risk management practices is crucial. Using Stop Loss Orders and Hedging Techniques: Stop Loss Orders: Placing stop loss orders helps limit potential losses by automatically closing a position when the market reaches a certain price level. This ensures that losses do not exceed a predetermined amount, providing a safety net against adverse market movements. Hedging Techniques: Utilizing hedging strategies, such as combining put backspreads with other options or futures contracts, can provide additional layers of protection. This approach can help manage risk more effectively by diversifying exposure and reducing the impact of unfavorable market conditions. Importance of Avoiding Undefined Risk Exposure: Defined Risk Strategies: Employing strategies with clearly defined risk parameters, such as put backspreads, ensures that potential losses are limited and known in advance. This contrasts with strategies that expose traders to unlimited risk, which can lead to catastrophic losses. Position Sizing: Properly sizing positions based on risk tolerance and account size is essential. This involves calculating the maximum potential loss and ensuring it aligns with the trader's risk management plan. Precise Entries and Exits: Entry Points: Entering trades at optimal levels, based on technical analysis, support and resistance and UFO levels, and market conditions, enhances the probability of success. In the case of put backspreads, entering when volatility is low and market conditions are favorable increases the potential for profitability. Exit Points: Setting clear exit points, including profit targets and stop loss levels, helps manage risk and lock in gains. Regularly reviewing and adjusting these levels based on market developments ensures that positions remain aligned with the trader's overall strategy. Continuous Monitoring and Adjustment: Regular Review: Continuously monitoring market conditions, position performance, and risk parameters is essential for effective risk management. This involves staying informed about economic events, market trends, and changes in volatility. Adjustments: Making timely adjustments to positions, such as rolling options, adjusting stop loss levels, or hedging with additional instruments, helps manage risk dynamically and adapt to changing market conditions. By incorporating these risk management practices, traders can effectively use put backspreads to hedge their portfolios and protect against significant market downturns. 8. Conclusion In summary, put backspreads offer a powerful tool for hedging long equity portfolios, especially in low volatility environments and/or when markets are at all-time highs. By understanding the mechanics of put backspreads, their application in various market scenarios, and the importance of active risk management, traders can enhance their ability to protect their investments and capitalize on market opportunities. When charting futures, the data provided could be delayed. Traders working with the ticker symbols discussed in this idea may prefer to use CME Group real-time data plan on TradingView: www.tradingview.com This consideration is particularly important for shorter-term traders, whereas it may be less critical for those focused on longer-term trading strategies. General Disclaimer: The trade ideas presented herein are solely for illustrative purposes forming a part of a case study intended to demonstrate key principles in risk management within the context of the specific market scenarios discussed. These ideas are not to be interpreted as investment recommendations or financial advice. They do not endorse or promote any specific trading strategies, financial products, or services. The information provided is based on data believed to be reliable; however, its accuracy or completeness cannot be guaranteed. Trading in financial markets involves risks, including the potential loss of principal. Each individual should conduct their own research and consult with professional financial advisors before making any investment decisions. The author or publisher of this content bears no responsibility for any actions taken based on the information provided or for any resultant financial or other losses.Educationby traddictiv1
Bullish outlook on S&P 500, ESM2024, first intraday target 5375We expect further bullish prices in the S&P 500, ESM 2024. After the FOMC Meeting Minutes, yesterday, the daily candle closed bearish, but above 5315, which indicates further bullish prices on the daily. We will be therefore looking for bullish tradesetups today and further until proven otherwise. However, we will have to see if good setups form, since price gaped at todays opening and has already moved a lot overnight, before market opening at 9:30 new york time. We will therfore see if we get some discount to enter first. We are not trying to chase price intraday, entering in a premium. For a first intraday target we are looking for 5375 and potentially higher. This is no financial advice, do not risk real money on the analysis shared by us! Longby MintMarkets_Fx112
Can buyer follow through?On Thursday in the S&P 500 can buyer follow through with the upward momentum started in the Asia session?04:10by DanGramza2
Trading Plan for Wednesday, May 22nd, 2024Trading Plan for Wednesday, May 22nd, 2024 Market Sentiment: Bullish, consolidating within a tight range. Expecting a breakout, but with heightened anticipation due to Nvidia's upcoming earnings after the bell. Important Note: Nvidia earnings after the bell could significantly impact market direction and volatility. Be prepared for potentially large, unpredictable moves. Key Supports Immediate Supports: 5335 (major), 5329, 5322 (major), 5307 Major Supports: 5300-02 (major), 5272-68 (major), 5235-40 (major), 5217-21 (major) Key Resistances Near-term Resistance: 5346-49 (major), 5369 (major), 5401-03 (major) Major Resistances: 5412-15 (major), 5438 (major), 5472-76 (major) Trading Strategy Nvidia Earnings Watch: Exercise caution and be prepared for significant volatility following Nvidia's earnings announcement. Consolidation Breakout: The market is coiling up for a potential explosive move. Focus on the 5302-5347 range for a potential breakout in either direction. Long Opportunities: Look for bids at 5329, 5322, or 5300-02 if they hold after potential tests. Consider taking profits level to level, especially given the heightened risk environment. Short Opportunities: Avoid shorting green candles and breaking trends, as the win rate is typically low in such scenarios. However, for those comfortable with counter-trend trades, monitor 5412-15 as a potential shorting zone if price rallies significantly after earnings. Bull Case Bull Flag Breakout: The current consolidation range could be interpreted as a bull flag. An upward breakout above 5347 would target 5369 and 5401-03, potentially leading to a strong upward move. Holding Support: If the 5322 support level holds, expect further consolidation and a potential breakout later. Bear Case Breakdown Signals: A convincing break below 5302 would trigger a deeper retracement, potentially retesting the 5272-68 (major) and 5235-40 (major) zones. Shorting Opportunity: If 5302 is tested and followed by a bounce and acceptance of lower levels, consider entering a short position around 5299 for a level-to-level move down. News: Top Stories for May 22nd, 2024 🌐 IMF Highlights Cybersecurity Risks to Financial Stability: The International Monetary Fund (IMF) has issued a warning about the increasing threat of cyberattacks, which pose a significant risk to global financial stability. This underscores the need for enhanced cybersecurity measures across the financial sector. 🏦 Federal Reserve's Cautious Stance on Inflation: Minutes from the Federal Reserve's latest meeting reveal a cautious approach towards inflation, with officials prepared to adjust interest rates if economic data warrants. This has implications for future monetary policy and market expectations. 🌍 Global Trade Prospects Brighten: Reports from the IMF, WTO, and OECD suggest a rebound in global trade, driven by easing inflation and a robust U.S. economy. This recovery follows a slowdown in 2023, with significant implications for global economic growth. 📊 Economic Outlooks and Forecasts: Various economic outlooks from entities like J.P. Morgan and Deloitte provide insights into future economic conditions, highlighting the ongoing adjustments in response to geopolitical risks, inflation concerns, and policy shifts. These forecasts are crucial for strategic planning and investment decisions.Longby spytradingpro0
Failed break of IB looking for short entry on confirmation. Failed break of IB looking for short entry on confirmation. $1.75 points Profit: $87.50 Should of held trade longer. Earlier sideways action caused early exit. Shortby Alpha-Trader76112
ES pre Fed meeting minutes updateMFI overbought before Fed meeting minutes get released here in a few minutes.... I'm staying out. Movements are so small not everything is moving with the market. Too much guess work.by hungry_hippoUpdated 117
Wedge CityCurrently in a wedge, breakout will determine direction. Hoping for the upside!Longby The_Gains1
Lean and Prep ES/SPXES Trade Plan Upper Inflection: 5345 Upper lvls: 5357 / 5370-5377 Lower Inflection: 5323 Lower lvls: 5304 / 5292-5296 NQ Trade Plan Inflection: 18786 Upper lvls: 18812 / 18945 / 19143 Lower lvls: 18720 / 18643 / 18542 / 18413-18447 Stay Frosty!06:43by Beyond_Charts0