The support zone (yellow) was tested and retested, and the MACD has started to increase. There has been a trend for a long while, so I wouldn't expect this to go much beyond the 2391 level (it will be slow to go beyond those levels), but it will almost surely retest that upper bound. I like my SLs on the looser side. You can wait 1 hour if you want to play it...
Huge day today for this index. Last week's weekly candle left a 20-point wick with a switch in sentiment that lasted a few days. Thursday the bulls defended an important area and were able to bounce it back 20 points in the bear's face. This 2380 area will be the battleground that needs to be claimed today.
Since last week's wick on the weekly chart the play has been to fade rallies. I believe that is to continue to at least the 2350 zone where some support might be found. There is zero correlation between crude and es but every once in awhile some exuberance transfers over.
Will buy at the right levels for scalps as always but looking at bigger picture, looks like the "buying dips" play, has switched to the "sell pops" play. 2386 might be the sweet spot today if we can get up there.
The week begins with a bounce off some price clustered support overnight. Bulls will need to defend 2365 or Bears will try to push it to 2350. The "news" that really turned the price spike last week was the Sessions ordeal so might see some more price reaction if there are any developments with that situation. We now also see a 20 point wick on the weekly candle...
Yellen talking today which I think will lean towards the hawkish side. The sell off Thursday I would attribute to the Sessions news, not rate hike scares. When the Fed raises rates slowly, while inflation is in check, it's bullish for stocks.
Based on prior published long bullish targets, not one of the predictions has been wrong.
I am forever expecting a pullback on some calamitous news, but price action must be obeyed, my biases be damned. Even I am astounded at this run. Therefore, this revised target is based on simple harmonic analysis. A new bull target of 2496 can be expected. Ignore it at your...
Today is likely to see more swinging around compared to yesterday that was basically just straight up. Wouldn't be surprised to see a tight range, forming a pennant, with an eventual upside break. Still seeing some room to the upside.
GDP will be the highlight for the day session. Wouldn't be surprised to see a tight range today as the market awaits President Trump speech tonight. Looking like some energy is being built up that can push us a decent length, either direction, but trend remains up, selloffs remain buying opps.
ES is entering the red zone meaning the short zone...It should either get rejected then will wait and see for a better Long trade or if its excepted into that zone then the Long should work to the at least the first target
A new week with continued new all time highs? Probably the case as this is a market possessed. Bit of a rounding top appearing to form but would likely turn into another sideways I'd bet. Plenty of data this week coupled w/ plenty of talk (Trump, Janet) so hopefully we can get a few 20pt range days.