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...
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...
Waiting for the CPI and PPI this week to drive the direction for the S&P 500. Although sellers came in on Friday and Monday, currently this market has a neutral opening with a bias to the upside.
going over the price Action ES for Monday 5-13-24. looking for clues as to how we could have traded better today and what the market was telling us.
Trading Plan for Monday, May 13th, 2024 Market Sentiment: Bullish, but extremely overbought and due for a pullback. Traders are advised to exercise extreme caution and prioritize protecting gains over chasing further upside. Key Supports Immediate Supports: 5236 (major), 5225, 5213 (major) Major Supports: 5202-04 (major), 5186 (major), 5155 (major), 5112-15...
Going over the price action from Sunday night till the morning session ES looking for clues and reviewing to see any clues that were left by the market.
MFI went oversold and all we got was a gap fill, not even a dip. I guess they want to pump inflation numbers Wed morning, might day trade on the long side tomorrow.
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...
Here are the levels I'm using this week. Key things to watch are the PPI & CPI data as well as earnings from big retailers WMT and HD. Powell also speaks this week on Tuesday. Bullish momentum continues but NQ is coming into a completion zone for a bearish Harmonic at the 886 Fib. Potential bullish momo into that level then heavy resistance. SUMMARY ES posted...