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...
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.
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.
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 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.
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.
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.
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.
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
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.
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.
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.
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 /...
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.