Last Week :
Last week we opened up around the Mean of 5182.50 - 5115.75 Value. Consolidated around the Mean, built up supply and eventually started moving for the Spike Base, lower Edge and lower ranges VAH to fill those areas out but every time we hit VAH we found a bid there which would hold us over and that would bring in new buying to keep pushing us back...
Trading Plan for Wednesday, May 8th, 2024
Market Sentiment: Bullish, but increasingly cautious in the overbought market. Consolidation is ongoing, and a deeper pullback is likely before further advances. Maintain disciplined risk management.
Key Supports
Immediate Supports: 5209 (major), 5202, 5188-91 (major)
Major Supports: 5143-36 (major), 5067-69...
With weekly buystops attacked inside of the upper quartile of the monthly bearish order block, further upside is possible, with the daily bearish order block not too far ahead.
However, I need more data for me to make a judgement where price is most likely going to print to.
Dollar higher will tip the scales
ES had a nice looking bear flag, but it has resulted in a bullish breakout above. ES has room to run up to 5300 and I'd expect the top end of that bear flag to act as support on any retests.
The smaller range on Tuesday in the S&P 500 implies a loss of momentum and the market catching its breath. This structure means that if you're on the long side be cautious. The expectation is for sideways move.
Daily weekly long. Hourly flat as a pancake.
This could be start of primary wave 2 of 5 or we will have a blow off top continued.
Watch 10yr data tomorrow around lunch.
I’ll update when I can.
Bullish anywhere above $5199.25. Bearish below to $5100.75
Remember big expiration next week on the 17th.
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...
Trading Plan for Tuesday, May 7th, 2024
Market Sentiment: Bullish, but increasingly cautious following a strong breakout. The RSI is deeply overbought, increasing the risk of sudden pullbacks. Proceed with heightened awareness of volatility.
Key Supports
Immediate Supports: 5186-88 (major), 5163 (major)
Major Supports: 5144-46 (major), 5060-65 (major)
Key...
After watching the action at Non Farm Payroll. I noticed 3 key PD Arrays that could allow ES to move back into ATHs.
Should move fast
1) Mitigation block 1H TF Apr 22
2) Breaker block at the spike of FOMC an May 1
3) 1h FVG created from NFP news release on May 3
The only thing that would confirm my thesis would be a gap up on Sunday open
📈 NYSE:ES broke trend line, now at resistance level of 5213.25. 📉 RSI indicates overbought. 🎯 Next resistance: 5247.25 - 5257.50. If rejected, support at 5164.25. Stay vigilant! #TradingUpdate 📊
