After the release of the CPI data on Wednesday buying momentum is picking up in the S&P 500. The expectation is follow through to the upside but not a large move on Thursday.
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There is an old, seemingly wise saying, that says "time in the market beats timing the market!" This works for people that do not want to do the work... to study repeatable patterns. Throughout the bull market of 2024 (yes, the market is in a bull market) I have been waiting for and been asked by followers "is THIS the pullback to go long?" Generally, the...
The expectation for Tuesday in the S&P 500 is sideways to higher. However, be cautious on the long side as a potential double top could be forming.
Does the selling action on Thursdays S&P 500 indicate that new sellers are entering the market or are buyers selling to take profits? Friday's price action will give us additional clues about who's in control as we go into the weekend.
In the S&P 500, will buyers have the momentum to push the S&P 500 to new record highs? The structure to facilitate this movement is in place and the release of the Fed meeting minutes on Wednesday May give the excuse for the S&P 500 to move to those new levels.
Going over the price action from sunday night looking for clues and trying to listen to what the markets are telling us. listen more, talk less. listen 2x as much as you Talk.
Buyers return to the S&P 500 and Friday's market action. The challenge now will be the expectation of follow through to the upside on Monday. Friday's price action implies that Thursday and Friday's market movement was buyers selling to take profits.
On Thursday in the S&P 500 can buyer follow through with the upward momentum started in the Asia session?
Buyers returned in the S&P 500 waiting for the next challenge which is the release of the CPI numbers on Wednesday. The bias is for the market to continue higher but how it interprets and absorbs the CPI numbers is 50-50.
Waiting for the CPI and PPI this week to drive the direction for the S&P 500. Although sellers came in on Friday and Monday, currently this market has a neutral opening with a bias to the upside.
Going over Morning Price ACtion ES pre CPI. looking for clues as to how to trade the day. Not much to do till we get the CPI.
Can the sellers that appeared in Friday session in the S&P 500 follow through to the downside on Monday or was the selling buyer selling to take profits before the weekend. Monday's price action will give us answers to these questions.
The structure on Thursday in the S&P 500 daily chart implies the possibility of a strong close on Friday as we go into the weekend. Ideally would be a close above 5260 to 5265
ES Trade Plan Upper Inflection: 5345 Upper lvls: 5357 / 5370-5377 Lower Inflection: 5323 Lower lvls: 5304 / 5292-5296 NQ Trade Plan Inflection: 18786 Upper lvls: 18812 / 18945 / 19143 Lower lvls: 18720 / 18643 / 18542 / 18413-18447 Stay Frosty!
Going over the price action Overnight looking for clues as to what the market is telling us, actionable areas and how we want to manage risk.
In my opinion today the market shifted from buying to selling. The shift was mostly obvious in DJ30 but I think all will fall heavily this week. Disclaimer: Not a financial advice. Do your own analysis before investing or trading
Sorry for the audio issues with my mic, will fix it next time. I had high hopes for today and it delivered. I thought conditions were really good for calls and it played out early on, but I didn't expect such a weak close. I'm wondering if there may be trouble tomorrow, but staying bullish until VX breaks out or ES breaches critical support.