As the world goes crazy, the financial markets show the scars of investor sentiment. From a very high level view its possible to make a few observations that might help keep us out of trouble.
This is the MONTHLY chart for ES. Following standard price action rules we can see that we have been in a RANGE since May of 2022. If you look back you can see that we...
My favorite buzz word has become "Bear Market Rally". I feel like every time I see some "expert" speak they will say the exact opposite of the last "expert" that I saw speak.
Truth is, nobody really knows whats going on. We as humans have an extreme need to make sense of the world around us. If things don't make sense then we don't feel safe. Therefore we assign...
As all the "bear market rally" talking heads continue to try to convince us that whatever they say has value, there is one thing that tells us for sure exactly what is going on. Price Action.
Today, 10/31/2022 was a rough day on the market, but following the price action rules there were still good opportunities to be found.
There is some news and a few...
ES has been on an insane ride for a few sessions. Tricky intraday sessions is putting it mildly.
The long green line from the bottom left corner is from the 2020 low. The long red line from the top left corner is the trend line from the 2022 high.
We literally spent a couple of sessions almost completely inside of a supply zone and after a wild ride today we...
As of 10-20-22 ES on the 12 HOUR chart is still trading inside a range since 10/02/22.
After a second failed breakout of the range, it has traced almost halfway back through the range. Given the BEARISHNESS of the previous 12 HOUR candle and the strength of the current 12 HOUR candle as of 6:30PM CST, I would expect more downside is possible.
A break above 3778...
The DAILY candle on 10-18-22 was a pretty good BEARISH candle. That is interesting because you can kind of identify a range that we have been stuck in since 9-22-22.
Trend ranges don't look as clean on Daily charts as they do on some lower time frames IMO. So its kinda hard to pick out the top and bottom of the range. BUT stretch that range out to where price...
ES seemed to be heading back towards the 23.6 Fib retrace level after breaking it briefly before putting in a new YTD LOW.
It's interesting to point out that the DAILY chart on Oct 5 and Oct 6 actually tested the trend line of the low from March 23,2020.
The DAILY candle for today Oct 18, 2020 is a pretty "bearish" signal even though the previous candle is a...
So our good friend and trusted companion on our trading journey, ES1!, had a very eventful ending to last week. LARGE move to the downside. It would not be surprising to see a whole bunch of sideways action. There are some economic numbers coming out on Tuesday that may or may not have an impact on price action.
In the near term, IF ES does catch some upward...
So. Today was an interesting day. When I previously mentioned testing the 38.2% Fib retrace level, I totally didn't expect that it would break through it today...much less make it almost 50 points past.
The ES is 60 points away from the psychologically significant 4000 level. 4040 might provide some resistance and below that 4015. 4000 is inside a supply zone...
On 8.25 ES broke above the 4200 psychological number which also happens to be the top end of that 7 day range from June and 8 day range from earlier this month.
There is a very clear head and shoulders trying to form and based on the economic data coming out on the 26th and what J. Powell says in Jackson Hole, ES could run up or the bottom could fall out. We...
ES is pointing back towards that Fib 50% retrace mark but its still not above the resistance levels of 4202 - 4080 where twice it has ranged out. Once for 7 days and once for 8 days. The 24th was day 2 of being in that same range.
On a daily chart it is looking like a head and shoulders pattern is forming.
IF ES can get back up to the 4227.75 50% Fib retrace...
Bears are still in control. This would be a bad time to get long hoping for continuation. If ES can get below 4180 area then there's not a whole lot stopping it from hitting 3915..
