a daily price action after hour update - sp500
Good evening and i hope you are well.
Today was the day i started talking about around 2 weeks ago. The price action of the last 6 days was conclusive and i had no doubt market will reach the given bullish targets for more bear pain. SP500 e-mini futures printed 5020 and printing a new ath tomorrow is highly probable. I hope you played it and made some.
Quote from 2024-01-21
short term: up up up - can’t see this not printing 5000 in the next days or 2-3 weeks.
Can markets reach even higher targets or will we get big profit taking and a correction? That’s the million dollar question and i can’t answer it for you, nor can anyone else. We are in the business of following big institutions and the given price action, not fortune telling. Other furus give you sensational clickbait targets which suit your bias, i won’t. My bullish bias has concluded with today and i see absolutely no reason to buy anything at these highs anymore. I am neutral short term until bears show up and bulls begin to take profit. After a first correction with follow through, i will evaluate lower prices but it’s unreasonable to talk about any bearish targets for now.
sp500
bull case: Bulls printed 5020 and they want to party to continue. Can they even print higher prices? For sure but are you willing to buy the highs here? I’m not. Odds favor a new ath but you need a far better entry than 5015-5020 to have a good r:r for this.
bear case: Bears need to show strength. Their first target is a close below 4980 (1h 20ema is around 4982) but i think the best they can hope for is a trading range at the highs before we get a major trend reversal. Today was 0 bearish price action, only bulls who took profits imo.
short term: sideways
medium-long term: Down - what would change that? two consecutive daily closes above 5100
trade of the day: Tight trading range in EU session let to nothing, wait for breakout and enter above a good signal bar, breakout bar 27 should have been the long of the day. no reason to exit until close
Today was the day i started talking about around 2 weeks ago. The price action of the last 6 days was conclusive and i had no doubt market will reach the given bullish targets for more bear pain. SP500 e-mini futures printed 5020 and printing a new ath tomorrow is highly probable. I hope you played it and made some.
Quote from 2024-01-21
short term: up up up - can’t see this not printing 5000 in the next days or 2-3 weeks.
Can markets reach even higher targets or will we get big profit taking and a correction? That’s the million dollar question and i can’t answer it for you, nor can anyone else. We are in the business of following big institutions and the given price action, not fortune telling. Other furus give you sensational clickbait targets which suit your bias, i won’t. My bullish bias has concluded with today and i see absolutely no reason to buy anything at these highs anymore. I am neutral short term until bears show up and bulls begin to take profit. After a first correction with follow through, i will evaluate lower prices but it’s unreasonable to talk about any bearish targets for now.
sp500
bull case: Bulls printed 5020 and they want to party to continue. Can they even print higher prices? For sure but are you willing to buy the highs here? I’m not. Odds favor a new ath but you need a far better entry than 5015-5020 to have a good r:r for this.
bear case: Bears need to show strength. Their first target is a close below 4980 (1h 20ema is around 4982) but i think the best they can hope for is a trading range at the highs before we get a major trend reversal. Today was 0 bearish price action, only bulls who took profits imo.
short term: sideways
medium-long term: Down - what would change that? two consecutive daily closes above 5100
trade of the day: Tight trading range in EU session let to nothing, wait for breakout and enter above a good signal bar, breakout bar 27 should have been the long of the day. no reason to exit until close