going over the Price action OVernight ES. not much to do really. we're bull flagging right now. going to let the market tell us what it wants to do. always remember - we are Risk managers.
The rally on Tuesday supported by buyers coming into the S&P 500 futures market indicates moment and picking up to the upside. The challenge now is can that buying paper continue this momentum. I think you can but I would not look for a big day up on Wednesday.
After the S&P was able to close the price gap of the previous trading week, bullish pressure pushed the index up again. We have drawn a clear demarcation between our two scenarios with the resistance at 5254 points. Primarily, we categorize the magenta wave (1) as finished. The current wave (2) correction should come to an end in our magenta Target Zone...
Bad inflation news or not, the algos won't be denied, lol.
Expecting it to go overbought tomorrow, and reverse for a dip on Thu. I was busy doing other stuff and missed the pump, just staying cash. Would've been a lot easier if it the same thing as last month and gapped down big, this morning was a bit tricky, wasn;t sure what it was doing.
Going over the price action on this CPI day. lots of setups executed very well. lots of levels and great moves. focus on your process. eliminate what doesnt work and double up on what works. always remember where you'll get out if you're wrong. we are Risk Managers.
MFI went oversold before market open, but RSI hasn't. MFI is a poor indicator for gap direction, gap will be dictated by CPI numbers premarket. Then we have PPI coming up on Thu.
ES is still in the channel though...
Good morning guys i havent been trading this days, a lot of study for that promotion keeps me out of the market some time, i had the inflation report in the pre market crazy movement as always, now we are rejecting the supply at 5145, honestly i would focus on shorts targeting the demand 5098 unless i see a lot of buying coming in.
Going over the price action overnight looking for clues the market is leaving us. not much to do really till CPI comes out at 0830. if its hot/cold we have a plan. going to react and not forecast. we are Risk Managers.
Price action from 8 and 11 March looks corrective. If confirmed, I'm looking for daily higher-high to go no higher than 5394.75. Key supports are 4999.50 and 5129.50.
Going over ES price action for the day. Tomorrow is the CPI report critical for the market. next leg will depend on the results. great day today. great price action and great plan.
The structure in the S&P 500 futures market with Friday and Monday's action is neutral as the market waits for the CPI number coming out on Tuesday. The overall bias for this market is still to the upside. It will be interesting to see can buyers follow through.
going over the morning Price Action ES. looking for clues and which levels we need to engage in. took some TSLA, MRNA, RBLX, GOOGL, and looking to sell the miners on sell setups. no setup no trade. always know where you'll get out if you're wrong.
