Here are my levels after a few weeks off. Bullish trend was broken with the drop below the upward trendline. Now trading below key emas. Green box represents important support as price pulls back to key fibs and the 200 sma. Watch for outsized move in either direction due to option volatility. Bounce back into the ema cloud or break of support are equally possible.
SUMMARY
SUMMARY
- ES posted a weekly loss of 3.15% after trading in a huge 249 pt range
- ES is now below the 2021 high and the 9/21/55 emas
- Price has fallen for 6 consecutive sessions.
- R2 = 2021 High (5092)
- R1 = MTF 236 Fib RT (5052)
- S1 = Mar 29th High (4924)
- S2 = MTF 382 Fib RT (4885)
- Bias is now down to sideways as the upward trendline has been broken.
- 200 SMA price magnet in play
- Strong bounce from 200 sma/ trendline support is possible
- Econ data this week includes PMI on Tues, GDP on Thurs & PCE on Friday
- Huge week for earnings with Mega caps reporting including MSFT, TSLA, GOOGL & META.
- Global event risk is high
- Rate sentiment has changed from rate cut to rate hold or raise due to persistance inflation.
- RSI 29.68| VIX at 18.70 | 10 year 4.62%
