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.
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.
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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.
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.
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...
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...
Trading Plan for Tuesday, May 7th, 2024 Market Sentiment: Bullish, but increasingly cautious following a strong breakout. The RSI is deeply overbought, increasing the risk of sudden pullbacks. Proceed with heightened awareness of volatility. Key Supports Immediate Supports: 5186-88 (major), 5163 (major) Major Supports: 5144-46 (major), 5060-65 (major) Key...
Last Week : Last week we opened up around the Mean of 5182.50 - 5115.75 Value. Consolidated around the Mean, built up supply and eventually started moving for the Spike Base, lower Edge and lower ranges VAH to fill those areas out but every time we hit VAH we found a bid there which would hold us over and that would bring in new buying to keep pushing us back...
The smaller range on Tuesday in the S&P 500 implies a loss of momentum and the market catching its breath. This structure means that if you're on the long side be cautious. The expectation is for sideways move.
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...
Bullish count on left, bearish count on right. Lots of gymnastics on the left, but it is still just a series of impulse waves up, with key higher low pivots held. There are different ways to interpret these impulse waves collectively, and the one I have chosen would get one complete impulse wave off low of 4963.50 to happen the quickest. Key price support at...
Going over the price action from Sunday night till the morning session ES looking for clues and reviewing to see any clues that were left by the market.
Here are the levels I'm using this week. Key things to watch are the PPI & CPI data as well as earnings from big retailers WMT and HD. Powell also speaks this week on Tuesday. Bullish momentum continues but NQ is coming into a completion zone for a bearish Harmonic at the 886 Fib. Potential bullish momo into that level then heavy resistance. SUMMARY ES posted...
The structure in the S&P 500 for the last couple of days is actually a neutral zone trade which implies a sideways move however the structure on Wednesday implies a bias for moved to the upside on Thursday.