Got stupid overbought and only a small dip today. I'll just wait it out and see if it cycles to oversold. Decided to relocate so I've been busy trying to finish up projects at home. Don't really have time to watch the market.
And now we're overbought on RSI and MFI. Dumped everything before I wrote this post. Made $4k on this stupid pump by going long yesterday, might take some of that and play for the dip tomorrow, but did well for a quick one day trade so might call it a week and go back to working on projects at home.
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.
ES has just opened and I believe we could continue up to truly close the 2HR FVG at 5257. So far we are making continuous bullish candlestick patterns. If we can maintain support at 5234, we can test the upside before retracing back down to 5220.
MFI went oversold and all we got was a gap fill, not even a dip. I guess they want to pump inflation numbers Wed morning, might day trade on the long side tomorrow.
Last Week : Last week market opened above 5159.25 - 54.25 Key Resistance and gave a pull back/hold of that area showing us that it was holding as Support now. We knew that from there we could either Fail at or around VAH and pull back under that Key area or we could get through VAH and if we hold above that can bring in more buyers to give us pushes towards the...
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
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.
In this video we will demonstrate how to access the DOM (Depth of market), and place simple trades.
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.
ES moved up slowly last week on unusually low volume. It had been forming an ascending wedge, which would normally be bearish, but this time it broke out above. I'm skeptical of this move due to the volume, but as long as it can maintain above this wedge and/or 5200, I think a rally back into supply at 5300 is likely. We'll have to wait and see if that ends up...
Today's trade plan will be very simple. I'm looking for a break and retest of 5300 for longs and shorts if it fails to sustain and break above 5300.
In this video we will show you how to link your AMP Futures trading account with TradingView.
Long idea for ES, wait to see what price does at that internal range liquidity
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.
Another green day for the challenge account, ended up with about $94 total P&L for the session. Most of it was made on a QQQ long and took a small loss on PYPL. I got over these trades and talk about my expectations for CPI tomorrow.
Trading Plan for Monday, May 13th, 2024 Market Sentiment: Bullish, but extremely overbought and due for a pullback. Traders are advised to exercise extreme caution and prioritize protecting gains over chasing further upside. Key Supports Immediate Supports: 5236 (major), 5225, 5213 (major) Major Supports: 5202-04 (major), 5186 (major), 5155 (major), 5112-15...