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TGIF and Happy NFP. Bears dominated mon-wed and bulls came back and here we are on Fri making back close to 75% of the week's losses. Holding Zone will be the swing zone today. There is another swing high potential that can happen today which would be TWO in one week! NFP Friday's significant price movements are usually done by lunch time but it's been an active ...
Bears have been controlling this market all week in very orderly fashion. Any rebound by the Bulls are getting met with lower highs. There is a lot of room to the downside if Bears can break today's Holding Zone.
Entering day 3 of the Bear. Expecting a swing low to be made today. Price currently sitting in "value" which can be viewed as a 50/50 shot for higher or lower. If it decides to "roll over" to the downside, a push to 2600 is not impossible as there hasn't been any panic seen yet in this down move.
Bear control yesterday brought price back down to "value area". So let the battle begin. The market action from Monday has the potential to be the catalyst of one of those 3-day down moves with day #2 (today) being the biggest mover. Based on overnight, doesn't appear to be the case but as always, anything can change and anything can happen.
ESZ SWING TRADE 12/4/17
Initial Stop: 2572.5
Gap higher open Sunday night following the spring bottom pop from Friday. Massive move in the bigger picture. Hard to not see more upside coming. Tis' the season.
Seeing some nice swings the past few days. Most def need to take advantage. Don't be married to positions in this kind of environment or else watch your profits vanish. Reward your hard work and take that $$$$$.
Nice rebound overnight. If any dips occur during day session look for those to get swooped up. Once/If 34 Bear Zone is broken it'll open the gateway for some higher movement. Can play the Bear Zones above that more aggressively as a short swing set up can be hiding up that way (providing things line up). Overall, Santa set up is in full effect.
Expecting upward continuation today after the sideways overnight session. Fed talk later today. GDP good, all good landscape for another rate hike in Dec. Overall bullish for stocks, plus Santa. Currently seeing an up wave extension. Possible swing short entry 15 points (or so) higher the way things look right now. Stay tuned.
It's more scary to fade a slow moving, trending market than to fade a high speed, big move. Slow and steady here. Still at top of value range, which theoretically is a sell, BUT price trends 25% of the time and with Christmas rally approaching, this is what could be taking place here. Breakout of Holding zone should allow price to cruise a bit. If the case, upside ...
Hoping for an active week. Hopefully everyone has digested their turkey. Price currently sits at the upper extreme range area. If the Bears want it, they can have it but they're fighting against Santa Claus and a rally that should be getting started momentarily (based on stats). Tis' the season.
All Trade Parameters shown on the chart.
Accumulation has been completed - last squeeze of the shorts above 2600, to drop smart sellers off the board. Once it is completed, prepare for the distribution and drive down to the 2480-2520 area.
Long from 2585, stop 2578 PT 2612. Appr. profit/loss 4:1
Upside Breakout imminent or top of range short opportunity. Time will tell but for day trading purposes, selling ATH print may provide a nice short scalp. Holidays = Bull party so heads up on that. Have a Happy Thanksgiving!
Price rotating back and forth within the "value" area. Possible uptrend continuation preparing itself for an upside breakout charge. Selling all-time-high print is statistically a good fade, just be aware of where we stand.
More sideways, "value" trading. Good for scalpers, that's about it. Awaiting some sort of breakout of this range. Holidays are here, therefore Santa Claus rally should be coming soon.
All Trade Parameters shown on the chart. Short setup in 10m demand.