2024-06-13 - a daily price action after hour update - sp500
Good Evening and I hope you are well.
sp500 e-mini futures
comment: Two legs down from the open to then 3ish legs up to close right under the open price. Market is staying up here which is maximum bullish going into Friday. My target remains 5600 and there is absolutely no reason what so ever, that we can’t print another 100 points up tomorrow. Anything below 5470 would surprise me big time. Bears have no reason to sell this and bulls are making money buying every tick of a dip.
current market cycle: bull trend
key levels: 5470 - 5600
bull case: 5472 was a bit lower than expected but who cares, bulls buy it all. Just do the same. For tomorrow I will only look which ema is respected the most to go max long over the day.
Invalidation is below 5470.
bear case: If bears actually somehow manage to print a lower low below 5470, consider me surprised and I will rethink my plan but for now, bears are scalping as long as they have momentum, when it’s gone, they are out and bulls just print green bars.
Invalidation is above 5520.
short term: As bullish as one can be. Ride it up.
medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next weeks.
current swing trade: None
trade of the day: Market just oscillated around 5500 the whole day. 5486 is big support and was a good buy yesterday and naturally so today if you chose a wider stop or waited for consecutive bull bars.
sp500 e-mini futures
comment: Two legs down from the open to then 3ish legs up to close right under the open price. Market is staying up here which is maximum bullish going into Friday. My target remains 5600 and there is absolutely no reason what so ever, that we can’t print another 100 points up tomorrow. Anything below 5470 would surprise me big time. Bears have no reason to sell this and bulls are making money buying every tick of a dip.
current market cycle: bull trend
key levels: 5470 - 5600
bull case: 5472 was a bit lower than expected but who cares, bulls buy it all. Just do the same. For tomorrow I will only look which ema is respected the most to go max long over the day.
Invalidation is below 5470.
bear case: If bears actually somehow manage to print a lower low below 5470, consider me surprised and I will rethink my plan but for now, bears are scalping as long as they have momentum, when it’s gone, they are out and bulls just print green bars.
Invalidation is above 5520.
short term: As bullish as one can be. Ride it up.
medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next weeks.
current swing trade: None
trade of the day: Market just oscillated around 5500 the whole day. 5486 is big support and was a good buy yesterday and naturally so today if you chose a wider stop or waited for consecutive bull bars.
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