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...
After the S&P 500 market absorbed the news about the retaliatory attack from Israel to Iran with a large moved to the downside buyers into the market. The question is is that buying sellers buying to take profits or has it gotten cheap enough that buyers are entering the market. Pay attention to Sunday nights opening and Asia's response to get guidance for Monday....
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.
All signs point to a pullback in the market. I think JPM/AMD and some other big names might even be our leading indicator. The only real pullback target I could come up with is a 50% retracement which is fairly common in the market and within trends themselves.
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...
Earnings may push the S&P 500 higher on Wednesday. 5135 would be the next price objective that you'd want the market to close above.
My plan today for SPX levels; My main level is 5011. Bull Plan If we open above 5011 and stay above 5011 we can test 5027 with 5043 and 5053. Bear Plan If we open below 5011 and stay below 5011 we can test 5000 with 4994 with 4988 (this is my preferred move at opening, then adjust). Stay Frosty!
Going over the day's price action ES looking for clues as to what the market was telling us and how we could have traded better for next time.
Will sellers maintain control in the S&P 500 going into the weekend? Buyers did come into the market on Thursday but failed to hold and sellers pushed the market lower. Another possibility is sellers taking profits on Friday as we go into the weekend.
Trends into today are; Last Macro Trend Signal Spots (ES Contract) 30m - 5111 Uptrend (4/17/2024) Lower High 1Hr - 5220 Downtrend (4/12/2024) Lower Low 2Hr - 5203 Downtrend (4/12/2024) Lower Low 3Hr - 5197 Downtrend (4/4/2024) Lower Low 4Hr - 5197 Downtrend (4/4/2024) Lower Low 6Hr - 5250 Downtrend (4/2/2024) Higher Low 12Hr - 5204 Downtrend (4/4/2024) Higher...
This is nothing new TBH. Strong work on the weekends pays off during the week. Today we had another downward trend day that saw sellers become buyers and then back to sellers again trapping bulls. This should add conviction for an overnight leg down. Several pullbacks appeared that would've paid off today as well.
Sellers named in control in the S&P 500 on Wednesday. We are approaching levels that buyers have entered the market in the past. So, be cautious on the short side.
The price action that we saw in the S&P 500 on Tuesday has the potential for a change in market direction. The key on Wednesday would be for the market to trade above Tuesday's high and give a stronger close above that high.
Quick analysis on the S&P 4-26- before 10am News after 830 Cpi News. Long Trade for Futures Trading the Qeuity MArkets. Live analysis
Going over the price action overnight pre-PCE looking for clues and discussing plan for the report today. we are sized down but looking to go with whichever way the market wants to go today. no feelings just reacting to zones.
going over the day's price action looking for clues to how we could have traded today better. lots of action today from a series of reports at 8:30 to auctions to earnings after hours GOOGL MSFT INTC