e mini spx futures are a product obviously in huge demand. I'm still long the index, and long futures, but I'm waiting for it to show signs we are beating 4500, in which case Im long the breakout, or we are resistant to month highs, in which case I'm long after testing support around 4450. I'm only short if we break the daily uptrend around 4400 and test more resistance below 4500 or continue bearishly immediately breaking 4389 or so. target for long is about 4375 at least, and target for short is the former consolidation area around 4325.
"cautious sell"
"profit taking"
"cautious sell"
"profit taking"
Comment:
I'm seeing futures set up either for the pullback I've been waiting for or the breakout that could be in the cards with what's essentially a triple top around the 4514 area. the key to beating that resistance is going to be volume. staying above a rising vwap and getting a qqe long entry would be a bullish signal.
Comment:
so we got the pullback. now what? well I'm waiting for hourly oversold conditions to play a bounce. we can either break back above that sinking vwma and turn it up or we can keep testing it as resistance falling beneath support.
