ES tested the 5333 level several times overnight and couldn't break. It's trying again now whil VX is at the bottom of its range. I'd expect ES to fail here, but it moves above and VX makes a new low I'll have to reconsider my short bias.
I am really into the bond / stock relationship. Higher interest rates leads to an alternative to stocks, especially when stocks at all-time highs. The huge stock rally on Wednesday was helped by a big bond rally. Now the bonds have given up the entire rally. This could lead to bearish index futures patterns more likely to work.
Going over the price action over night ES looking for clues as to what the market is telling us and planning our lean for the day. where we want to engage and how we see the morning session unfolding.
Going over today price Action ES looking for clues and how we could have traded it better. working on dialing in our strategies and going with the trend and structures.
ES had a bull flag breakout and it looked like it was going to hold on a retest but the. It dumped. It tried to break low of day earlier and bounced, VX is barcoding. This bull flag has had a fakeout to the upside and downside no. Most important level for me is still 5300.
Going over the price action ES MOrning session. looking for clues as to what the market was telling us and how we could have traded the session better.
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 5333.00, up 63.50
NQ, yesterday’s close: Settled at 18,691.75, up 276.75
We have fresh record highs in the E-mini S&P and E-mini NQ futures. So, where to next? Let’s not put the cart in front of the horse; we MUST first break out decisively and close out above the previous record highs...
Going over the price action from the CPI report and Overnight sessions. looking for clues as to what the market is telling us. talk less, listen more. talk less, listen more.
As price has poked above 5333.50, the bear scenario has officially been invalidated.
I have four different impulse waves from the low of 4963.50 (green ellipses). I see no way to create a diagonal from the price action in the orange ellipse. How these impulse waves will fit together is yet to be determined, but it is likely that ES1! will grind upward for the...
Good Evening and I hope you are well.
overall market comment
US CPI came in line and it was obvious that we would melt then, since yesterday PPI was hot and we melted anyway. Now we get a deep-pullback the last weeks after new ath’s and now we got the retest or new ath’s. From a technical point markets are now absolutely free to do whatever they want. Right now...
Trading Plan for Wednesday, May 15th, 2024
Market Sentiment: Bullish, but extremely overbought after 9 consecutive green days. Expect high volatility and the potential for a substantial rug pull triggered by the CPI data release.
Key Supports
Immediate Supports: 5257 (major), 5215-17 (major), 5208 (major)
Major Supports: 5162 (major), 5133-36 (major),...
So trends that called for upward movement confirmed this upward movement last week. I had mentioned in my last video that the candlestick pattern for May 1st was extremely bullish, the following two days confirmed that movement in my opinion and given that trends called for upward movement, we crossed above the zero line on MACD Momentum into a bullish zone, and...
Trading Plan for Tuesday, May 14th, 2024
Market Sentiment: Bullish, but cautious given the 8 consecutive green days. The risk of a sudden pullback increases as the market becomes more overbought.
Key Supports
Immediate Supports: 5235 (major), 5221-17 (major), 5210 (major)
Major Supports: 5192 (major), 5174-76 (major), 5144-47 (major)
Key...
