MFI already oversold, but RSI is not. Considering ES has an open gap below, I recommend waiting. It's my birthday tomorrow, so not opening any trades today, good luck.
BTW, this is why I keep saying earnings are crap shoots, lots of people got burned pumping for META (FB) earnings. MSFT and GOOGL AH today, but both gapped down last time.
The PCE numbers coming out on Friday can set the tone for the S&P 500 not only for Friday's action but week as well. How the market will respond is 50-50.
Buyers came into the S&P 500 late in the session on Wednesday with the lower opening in Asia. Can buyers return to move prices higher to drive the market back to Wednesday highs and that is the expectation.
The S&P 500 is in the neutral zone trade with a bullish bias. The expectation for Tuesday is for today range trading inside of Monday's range with a higher close.
The video explains it all a lot better, but basically, we are sitting with higher highs and lower lows on the trend timeframes that brought us here (30m-4hr), otherwise known as the Pac-Man symbol.
Trends into today are;
Last Macro Trend Signal Spots (ES Contract)
30m - 5083 Uptrend (4/25/2024) Higher High
1Hr - 5083 Uptrend (4/25/2024) Higher High
2Hr - 5131...
Since there was not going on much between the two days, I decided to combine the two days into one. Sorry for the delay overall but, we covered the trades I took and the setups ups I noticed in both days.
The S&P 500 is officially bearish as of Fridays close according to my intuition and strategy. I will be watching closely this week - targeting shorts around 5240. I expect to see a test the 5060-5000 level.
A daily close above 5240 would be bullish and invalidates this idea.
In the mid-term, I'm targeting key levels of interest to buy once this dip finds legs.
HOW MANY TIMES DO I NEED TO SCREAM 6 1 8??
Short off the PRE MARKET HIGH it's all in PLAIN sight!
Never chasing always LOOKING FOR PREMIUM entries OVER 1k in profits
SHORT when others BUY and hunt deals! I will PAY IT FORWARD
So again, I cashed out my trade just above 5000 as we fell last night following the Israel drone strike against Iran. Most of that dip appears to have resolved itself, at least for the moment, but those geopolitical issues will likely be crucial to the potential of a market fall in the coming days.
I go into it in the video, but major Earnings are next week, and...
Trading Plan for Wednesday, April 24th, 2024
Market Sentiment: Uncertain, with bulls maintaining control after yesterday's rally but price action becoming more complex after a trend day.
Key Supports
Immediate Supports: 5095-5100 (major), 5082, 5076 (major), 5067
Major Supports: 5056 (major), 5047-45 (major), 5027 (major), 4996-5000, 4966 (major), 4945-49...
Buyside at 5095 has been taken. If we do not drop hard from here and the candles body on the 1h closes above 5102, we think that the next upside target will be 5021 in ESM2024.
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday's close: Settled at 5047.50, up 43.75
NQ, yesterday's close: Settled at 17,350.00, up 169.25
E-mini S&P and E-mini NQ futures broke a streak of six losing sessions. Yesterday's rally was broad, with chips like NVDA and MU rebounding firmly, and banks having a day, but it all comes down to earnings before Core...
The overnight range was the name of the game today. As mentioned earlier, we were looking for a potential break in either direction. After establishing the initial balance, we saw a test of the overnight session low (5019), which was successfully defended. Subsequently, buyers entered the market, leading to a push higher in $ES. This move broke the high of the...
