Beautiful fall into the volume below yesterday afternoon on news.
Look for the market to try and make a decision here around 3110 and if its able to sustain above it, look for 3120.
If not, 3090's are back in the cards.
The selling started as soon as the market closed on Tuesday
In fact it was one of the easiest pattern breakdowns to spot.
I saw it clearly, and traded accordingly,
building position size.. at will.
As I show here,S+P Futures Dec 2019 ESZ
Ascending Trend Line to the "Ascending Wedge" Pattern
has been "violated "in overnight trading on 11/20/19
See that red bar...
S+P 500 Futures ESZ
continues to build a very high risk pattern structure,
( Shown here on the 15 Minute Chart)
with immediate risk potential for a downside move to 3060
Note the breakout burst to 3102 on Nov 12,to a new all time high
has given the pattern a definable top in pattern structure.
Price rollover from their has been consistent with a test of...
Be advised that the S+P 500 Dec. Futures ESZ
has set up a "rollover top " pattern potential on 11/5/19
Chart shown here is the 30 minute
You can clearly see the.. "structural pattern support line" .. being violated on the break of 3080 today.
The potential exists for a sudden sharp "impulse" wave to the downside, in this highly "visible" chart.
Market may test...
Imminent Range Break-out Real or Fake?
Matching the timing of the impeachment hearing, Kudlow announces that US-China trade deal is right around the corner. Despite the fact that this is probably the 100th time we are hearing about the imminent trade agreement (partial, phase-1 at that), the futures markets seem to be reacting positively (or, with the ubiquitous...
Market still clearly accepting prices higher.
Profile becoming very box-y meaning that the market is indifferent at any price between the highs and lows of value.
The line in the sand below is still 70, in my opinion, and you'd wouldn't be wrong staying long until that is broken.
Remember, the market is accepting higher and when that happens, the more likely...
Stuck in the middle of this upper balance.
It's a good thing and a bad thing for the longs.
It's good because we aren't rejecting this upper balance, we are still very much in the middle of the balance.
The bad news here is that we can still pull back to the lower end of the balance so if you're long, you may have to sit through some heat.
15, 30, 60 minute charts all indicate wave 4 pullback setup opportunity into the painted retracement zone. I combine market profile with Waves in order to seek good locations for entry.
Price needs to cross below 3075.75 to meet the minimum retracement. There is a small zone at 3079.5-3078. This will make a good day trade opportunity but seems likely price will...