ES Futures setting up for an explosive week!
In light of the fed meetings last week among other international nuisances, we saw a whipsaw last week in the S&P 500 . Multiple things came to fruit though, and I believe the S&P500 is gearing up for an explosive move up. First of all, we had a break below and test of the 50day moving average, which failed to move lower, the 50D MA has proven to be a reliable support this year. The fact that price closed with multiple daily candles below the 50day AND the long term Trend Line AND STILL the bears still FAILED to gain momentum and push lower is a HUGE sign that we are still very much bullish . This is a great case of "when what should've happen doesn't." Not only that, but Fridays daily candle ended with a spinning doji with the tail stabbed into the 50day MA, and the body above. I mean, if I was short right now id be shitting my pants...There's also a cup n handle forming on the 30m chart. As a stock trader it's your job to remain objective when looking at a chart, but there's really no bearish signs presenting themselves at this point. We had a break below major supports that failed and then a complete re-cross back up, feds left interest rates unchanged... This is too good. I've already entered heavy positions LONG. Cheers to a good week ahead, and remember if you're short, bring extra diapers--because this could be a shitty week for you!!
In light of the fed meetings last week among other international nuisances, we saw a whipsaw last week in the S&P 500 . Multiple things came to fruit though, and I believe the S&P500 is gearing up for an explosive move up. First of all, we had a break below and test of the 50day moving average, which failed to move lower, the 50D MA has proven to be a reliable support this year. The fact that price closed with multiple daily candles below the 50day AND the long term Trend Line AND STILL the bears still FAILED to gain momentum and push lower is a HUGE sign that we are still very much bullish . This is a great case of "when what should've happen doesn't." Not only that, but Fridays daily candle ended with a spinning doji with the tail stabbed into the 50day MA, and the body above. I mean, if I was short right now id be shitting my pants...There's also a cup n handle forming on the 30m chart. As a stock trader it's your job to remain objective when looking at a chart, but there's really no bearish signs presenting themselves at this point. We had a break below major supports that failed and then a complete re-cross back up, feds left interest rates unchanged... This is too good. I've already entered heavy positions LONG. Cheers to a good week ahead, and remember if you're short, bring extra diapers--because this could be a shitty week for you!!
Comment:
the 30m cup n handle:
Trade closed: stop reached:
THIS IS A PERF EXAMPLE OF WHY YOU NEED STOP LOSSES. SOMETIMES YOU CAN HAVE THE MOST INTENSE CONFIDENCE IN A TRADE, but despite all of the signs it goes completely against you.