willoptions

$ES_F/$SPY - Thoughts for this Week & Beyond

CME_MINI:ESH2021   E-mini S&P 500 Futures (Mar 2021)
Some thoughts on $SPY/$ES_F:

The right-hand chart consists of 1month candles. I took the range of the 08 crash and extended it a few times - each box represents a full 100% extension.
November 2020 gave us what may considered to be a "blow-off top" - I saw this as an opportunity to extrapolate the uptrend established in 09. Whether or not this continues to be fruitful is yet to be seen.

📈 I remain bullish with a de-facto upside trigger of $ES_F 3860
  • This targets: 3872, 3879, 3889, and 3906.
  • Extended target 3998

📉 Downside trigger is $ES_F 3806
  • This targets: 3784.50, 3766.75, 3743.50, 3738

🔑 Takeaways here:
We are nearing a pretty significant resistance region of $ES_F 3889-3998. It would be wise to de-leverage and see how we handle it before proceeding.
That being said, outlook for the immediate term is positive.

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