Quiet day ahead news wise. The day is starting w/ a bearish bias but on the week up to this point there's been a bullish aggression. I'll take a shot for a Long swing trade in the Michael Jordan Bull Zone. Hopefully there will be a nice set up to ride the move down to it. Until then I'll look for scalps both directions but w/ more interest for bear setups.
At the time of this writing, ES is kind of in no man's land where it can really go either way. If not able to break back below the ex-bear zone then bulls might be able to push it higher. The baby bull zone might have more punch to it than given credit for as the ES 24hr pivot is located inside. My plan is to stick with scalps in both directions until we rage...
We're working with the same Bull/Bear Zone levels as Tuesday. Bear zone was rejected nicely twice on Tuesday. I wouldn't expect the same result if tested today for a third time as triple tops (or bottoms) don't have a high success rate, but anything is possible. Strength in CL should carry over to ES so I'll be keeping an eye on that for direction as the EIA...
A lot of Bulls to start Tuesday's trade which has carried over from late Monday's rally. I don't believe the sentiment will last as I think overall the price is being attracted to the psychological (and technical) level 2100. I'd be surprised if ES can get above much higher than 2140 today. I'll be up there awaiting to short.
A move higher to 2130-2132 should provide a nice short area as it also coincides with the ES pivot. I like trading from the long side until then despite having an overall bearish sentiment. US cash open should take us up there. I'll also look to CL for clues. Happy Monday.
Strong rebound yesterday. Bulls playing defense well. Many shorts above 2130 could get flushed out later at some point by the machines.
We got an overnight move that prob should have happened during the US day session post fomc minutes. With retracement zones and trendlines broken, it's evident the bias is downward. The next key level, which should act as a magnet is 2100, which can easily be hit today. I see great potential for multiple bull scalps today utilizing the 1-min chart but I'll be...
We finally got the breakout of the tight consolidation area yesterday. Despite the mini celebration we're still in a range as 2100 is the next level in need to be broken on the downside. I expect yesterday's late day upside momentum to carry through somewhere into this Bear Zone area where a potential nice short position awaits.
Time is running out for this tight consolidation corner we're stuck in. Will today be the day we break out of it? Doubt it. Monday's trade was able to get to the upper trend line from the ATH but was easily shot down. Today might be the day we test the lower trend line from 9/12/16. A break out is coming soon, but when and to which direction is yet to be seen but...
Not much to say to add to what has been being said last week. We're still stuck in this consolidation. Keep selling 2160 area to buy 2140 area until that strategy stops working. It's that simple...I mean boring.
So much hype and hope for the NFP to take us out of this boring sideways trade but unfortunately I think things will just remain status quo. The # can hopefully help us break the tiny consolidated area we've been trapped in but ultimately we're stuck in a range between 2100-2190 until the election IMO. Although boring, sideways trade can still be profitable so...
Consolidation seems to be the trend these days and I expect for more of the same today. Especially leading into tomorrow's (Friday's) unemployment report. So most likely, no breakout of this boring consolidation until then. My expected range today: 2158-2145. If it can get through 2158, I don't see it breaking through 2168. And downside if it gets through, I can't...
A lot of bearishness out there, which makes me want to play long...but let the tape tell the tale. Will def sell if we trend higher into this Bear Zone. If that area can't hold, I see a push to 2160.
Bull Zone held on Monday's trade and was able to break out higher. Should encounter some resistance in this minor bear zone overnight/early Tuesday. If either of these zones are broken my targets (as of now)are: Upside-2168, Downside-2136. We'll see who wins this battle of congestion...
If Bulls continue their march they will enter into heavy resistance that should provide a good short opportunity.
50%-68% condensed retracement zone from Brexit Lows to Highs
Should be good area to buy as it's the 50%-68% retracement area of current wave.