Trading Plan for Monday, May 20th, 2024 Market Sentiment: Bullish, consolidating after a historic rally. Key Supports Immediate Supports: 5309-11 (major), 5302 (major), 5294 Major Supports: 5267-72 (major), 5232-35 (major), 5208-11 (major), 5150-55 (major) Key Resistances Near-term Resistance: 5329, 5333 (major), 5342-5345 (major) Major Resistances: 5375-77...
I think ES will see a nice bounce if it retest this trendline it just broke out above.
Just a quick entry setup recap in the midst of today. Overall, we are still basing within the range I posted Saturday though. CME_MINI:ES1! CME_MINI:MES1!
Heh, slept in today Anyways, MFI headed to oversold and all we get is a small dip. Chart seems to be pointing at going long on Monday, so I'll wait until Monday.
ES Weekly Trade Plan Inflection: 5323-5326 Upper lvls: 5370-5377 / 5409 / 5448 Lower lvls: 5292 / 5273 / 5258 / 5248 / 5230 ES Monday Trade Plan Inflection: 5323-5326 Upper lvls: 5340 / 5357 / 5370-5377 Lower lvls: 5304-5308 / 5292-5296 / 5272-5274 NQ Weekly Trade Plan Inflection: 18660-18700 Upper lvls: 18812 / 18974-18982 / 19397 Lower lvls: 18413-18447 /...
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.
**SP500:** New all time high at 5347. This week's forecast is for the price to descend and match the EMA55 level.
Look at that beautiful 1/3 ADR at ATH + Previous Week High that is good confluence for us going higher! Also Range +4 STDV there this looks very solid to me! Range deviations + Average Range Levels = 🔥
The S&P 500 index can be bought in two specified support areas in two steps and profit from it up to the specified targets
Waiting to see if we get the level to risk off, Waiting for some real US market Momentum Monday likely to lack follow through until US open
Tomorrow, May 20, 2024, normally, the NQ is bulish. The 15M +FVG is located in the discount, supported with a 15M +OB
Bias is Bullish. Price swept the External LQ, then went for the Internal LQ. Price swept the old high, but didn't displace through it. With the formation of a +FVG, and price pulling back to tag it Friday, we may see price trade through the new high. Ideally, price will form FVGs to give us clear indications as to its intentions. Thank you for viewing! Leave...
Last Week : Last week Market opened under the VAL of this 5368 - 5207 HTF Range with our Sellers being in Value/VAL and Cost Basis/Supports at the lower Edge. We spent few days consolidating between VAL and the Edge with a move on Tuesday that first failed to hold under 5230s pre market and then afternoon push over VAL trapping the shorts under Value. Wednesday...
overall market comment This week we found out how high the squeeze could get and markets made new all time highs. PPI was bad but market rallied anyway and bears gave up on CPI numbers. We are at the highs where we saw a bigger sell-off in April and it’s more reasonable to look for shorting the double tops, than betting on another melt-up for the biggest asset...
On Friday ES did beautiful retracement with SMT at Smart Money Reversal with YM. A lot of confluences much as seasonality, orderflow and structure.
With 4 consecutive weeks of straight bullish price action, what would it take to slow down this bullet train? I mean, it could go up forever but markets move in waves of fractals and retracement is perfectly healthy in a macro bull market.
The S&P 500 is my favorite market to trade however my strategy struggles when price enters All Time Highs by design. I tend to try and hold positions into ATH's and beyond but this recent uptrend has proven too aggressive for my entries (See attached ideas). Last weeks close is a very subtle clue about institutional intention to buy this market. My intuition says...
Last week, we were expecting a dip and rip. That is exactly what we got! However we dipped a bit less than expected, hence why I never alerted a big buy signal. Missed the easy move to new all time highs. On Friday, we saw end of day strength, creating a few gaps of interest below. Lower time frame areas of interest around 5317 and 5310 looking for support. If...