Looks like 3271.5 is a pretty solid resistance level, and we've been getting a nice uptrend here.
Using small size and betting short here, this looks very toppy to me and a great place to make a quick profit.
Bullish Case of $ES_F #ES_F $MES $SPX
Bulls are not done yet. Here is why:
- Brocken demand base retested
- Daily/Weekly Open retested
- Clean break thru Monthly open, looking for retest
Invalidation: close below Weekly Open.
We may shit the bed below Monthly open for more liquidity.
Updated my #SPX roadmap. There is small unresolved gap at Supply around 3300 that most likely be filled. I would like to see how this area be treated after liquidity is taken. We just made Higher Low on HTF and keep moving higher. Double top is inevitable. $ES $MES
-bearish topping candle
-Pivot at the high of 2 possible parallel channels
-oversold conditions- especially in comparison of monthly settlement (thick red line)
All of the above support a quick short scalp on open. Don't hang on for too long- This is a 15m chart. Take you profit and run.
1. Slight pullback to the weekly pivot before resuming uptrend. If it breaks a new weekly high at the red resistance line with for then watch for a close of 2875 tp 2885 range. Careful of a triple top drop at red line.
2. Pullback to 20 Period EMA or 50 day SMA. If support holds at the 50 SMA then look for a resumption of the uptrend per...
People wanna blame the Corona virus, I just trust the candles. Pink lines show weekly levels here on this 4 hour chart.Speaking of the weekly chart, take a gander and see that this weeks candle is a huge shooting star following the largest bearish weekly candle in years. The bulls can enjoy the bounce for a bit more but in the next coming weeks, I think we'll see...