It appears that the S&P 500 price action indicates the market is adjusting to the outlook that interest rate cuts may happen later in the year. The expectation would be another day higher on Tuesday but not a large range. The estimate for the high would be 5225 to 2530.
Not overbought yet. Looks like Monday will be a pump and dump day. I guess I should have more faith in the market that they'll find a way to pump AAPL on bad earnings, lol. Not feeling very bullish because earnings didn't justify valuation, and my favorite stock, PCAR, is still dropping, lol.
IMPULSE AND CORRECTION: looking to catch a short trade at the mitigation of the 1hr time frame supply zone.
Trading Plan for Monday, May 6th, 2024 Market Sentiment: Uncertain, with bulls seeking further confirmation after exceeding a major resistance level on Friday. Consolidation and complex, level-to-level price action are likely. Key Supports Immediate Supports: 5145-50 (major), 5136, 5116-13 (major) Major Supports: 5082-77 (major), 5067 (major), 5060...
Here are my levels for the week. Same notes as NQ. I have been really busy outside trading so I have not been able to post many updates. I continue to trade these levels a few hours every morning. Treat the levels as as support, resistance or targets. The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the...
Although there was a strong move on Friday, a small positive up range is expected for Monday in the S&P 500.
This video goes over tactics and strategies on how to trade on NFP day for ES and NQ.
In this video we will demonstrate how to place a simple bracket order with Tradingview with AMP Futures.
In this video we will demonstrate how to access the help center in TradingView with AMP Futures.
I am bullish on NFP and expect prices to drift sideways the whole night up until 6-8am until 08:30 when NFP will release. It should dump down only for it to be bought back up and continue on to new highs. I will show the last NFP's and show how all of them were...
Can the buyers that appeared in the S&P 500 on Thursday continue its momentum up with a stronger close on Friday. This could be a challenge with the softer opening in the Asia session.
Looks to me like the algos are going for the pump and dump. Gap direction will depend on AAPL earnings though so I'll wait to see what happens. MFI probably hits overbought tomorrow either way
Indicators are neutral but MFI rapidly approaching overbought. Quite frankly, I'm bearish on AAPL earnings this afternoon anyways
Trading Plan for Thursday, May 2nd, 2024 Market Sentiment: Uncertain, with bulls holding a precarious position at a critical support level. Key Supports Immediate Supports: 5048-50 (major - note that this trendline rises daily), 5032, 5028 (major) Major Supports: 5010 (major), 4968 (major), 4938-42 (major) Key Resistances Near-term Resistance: 5077-82...
The video explains it all a lot better, but basically, we are sitting with higher highs and lower lows on the trend timeframes that brought us here (30m-4hr), otherwise known as the Pac-Man symbol. Trends into today are; Last Macro Trend Signal Spots (ES Contract) 30m - 5083 Uptrend (4/25/2024) Higher High 1Hr - 5083 Uptrend (4/25/2024) Higher High 2Hr - 5131...
As price has poked above 5333.50, the bear scenario has officially been invalidated. I have four different impulse waves from the low of 4963.50 (green ellipses). I see no way to create a diagonal from the price action in the orange ellipse. How these impulse waves will fit together is yet to be determined, but it is likely that ES1! will grind upward for the...
Good Evening and I hope you are well. overall market comment US CPI came in line and it was obvious that we would melt then, since yesterday PPI was hot and we melted anyway. Now we get a deep-pullback the last weeks after new ath’s and now we got the retest or new ath’s. From a technical point markets are now absolutely free to do whatever they want. Right now...