Waiting for the CPI and PPI this week to drive the direction for the S&P 500. Although sellers came in on Friday and Monday, currently this market has a neutral opening with a bias to the upside.
Today's trade plan will be very simple. I'm looking for a break and retest of 5300 for longs and shorts if it fails to sustain and break above 5300.
MFI went oversold and all we got was a gap fill, not even a dip. I guess they want to pump inflation numbers Wed morning, might day trade on the long side tomorrow.
ES moved up slowly last week on unusually low volume. It had been forming an ascending wedge, which would normally be bearish, but this time it broke out above. I'm skeptical of this move due to the volume, but as long as it can maintain above this wedge and/or 5200, I think a rally back into supply at 5300 is likely. We'll have to wait and see if that ends up...
Can the sellers that appeared in Friday session in the S&P 500 follow through to the downside on Monday or was the selling buyer selling to take profits before the weekend. Monday's price action will give us answers to these questions.
The structure on Thursday in the S&P 500 daily chart implies the possibility of a strong close on Friday as we go into the weekend. Ideally would be a close above 5260 to 5265
Last weeks levels provided to be partly actionable and price has immediately responded (See attached post). Comfortable holding this 50% long position with stop/target untouched. Will be looking for opportunities to buy the other 50% and increase risk as I'm confident in the bullish sentiment after last weeks Feds statement. I hold an underlying belief that the...
ES has just opened and I believe we could continue up to truly close the 2HR FVG at 5257. So far we are making continuous bullish candlestick patterns. If we can maintain support at 5234, we can test the upside before retracing back down to 5220.
Bullish count on left, bearish count on right. Lots of gymnastics on the left, but it is still just a series of impulse waves up, with key higher low pivots held. There are different ways to interpret these impulse waves collectively, and the one I have chosen would get one complete impulse wave off low of 4963.50 to happen the quickest. Key price support at...
going over the price action overnight looking for clues to what the market is telling us. NVDA another blow out report. NVDA is the stud of 2024 for sure. focused on NVDA and the AI sector.
E-mini S&P (June) / E-mini NQ (June) S&P, yesterday’s close: Settled at 5328.00, down 17.25 NQ, yesterday’s close: Settled at 18,786.75, down 12.50 All eyes were on NVDA’s earnings report yesterday, but the E-mini NQ was already up more than 7% on the month. Despite that strength and a new record high, price action became stagnant in the week leading into this...
Scenario #2 in play from Daily PLAN: (LINK BELOW) Scenario 2: Neutral open if between 5340-5350. But if we open below 5334, then I think 5340-5350 may present resistance, if tested, for a target of 5316-5320. ES Trade Plan Inflection: 5331-5332 Upper lvls: 5345 / 5368 / 5377 Lower lvls: 5304 / 5292-5296 NQ Trade Plan Inflection: 18786 Upper lvls: 18812 /...
1. Introduction Backspreads are a versatile options strategy as they allow traders to benefit from significant moves in the underlying asset, particularly when there is an expectation of increased volatility. 2. Understanding Backspreads A backspread is an advanced options strategy involving the sale of a small number of options and the purchase of a larger...
Trading Plan for Wednesday, May 22nd, 2024 Market Sentiment: Bullish, consolidating within a tight range. Expecting a breakout, but with heightened anticipation due to Nvidia's upcoming earnings after the bell. Important Note: Nvidia earnings after the bell could significantly impact market direction and volatility. Be prepared for potentially large,...
Currently in a wedge, breakout will determine direction. Hoping for the upside!
ES Trade Plan Upper Inflection: 5345 Upper lvls: 5357 / 5370-5377 Lower Inflection: 5323 Lower lvls: 5304 / 5292-5296 NQ Trade Plan Inflection: 18786 Upper lvls: 18812 / 18945 / 19143 Lower lvls: 18720 / 18643 / 18542 / 18413-18447 Stay Frosty!
Going over the price action Overnight looking for clues as to what the market is telling us, actionable areas and how we want to manage risk.
If you see previous trades in this account, you'll notice this strategy has never been used before. This strategy consists of new indicators I created through my own research and back tested it using Yahoo Finance Data. Today I finally coded the indicators into tradingview, however I will not be sharing the code. Basically, the indicator is reading the trend as...