This Fibonacci drawing was drawn from 5315 to 5349, going up. If ES breaks above 5350, then it can continue to the next Fibonacci level of -50% at 5366. Please note the 2HR FVG close at 5339. Once price action reaches this level, price action may bounce and continue up, or fail and continue to fall lower to test the Daily FVG level again at 5315.
From the 2HR perspective, ES looks to be forming an "M" shaped pattern, signaling and bearish reversal. I believe we can continue to pullback to at least 5230 for a short term day trade, as price may continue to press down to gather liquidity from the daily fair value gap from 5232 to 5218. We are anticipating core inflation data this week that could influence the...
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.
MSFT can run up on a day trade to 399 to close a Daily FVG close. Or continue to fall and break past the Weekly Gap close at 388. Depending on the FOMC Press Conference we could have a volatile day in the markets.
Its only the 2nd day of the trading week and this is how our weekly chart looks! ES price action fell to close a globex gap at 5082 today in preparation for FOMC day tomorrow May 1! We will I believe we could continue down as low as 4934 depending on the data this week. 4934 is supported by a weekly FVG close at that level. Its a great time to buy puts on SPY on short!
