still move down with strong acceptance to the lower values so leaning short. a move above the red top could see a decent bounce but that still keeps the short side intact. will need to see more than one day bounce to regain the up movement. So leaning short.
es has bee for the most part sideways through the overnight after testing a bit lower. will watch for a break of the red zone for a direction to my trading. We have moved back down to some golden rod lines that where important accumulation areas when we traded these levels before, will be interesting to see if they come back into play.
What this means is buys...
S&P futures reached major support area, which definetely needs to hold now for possibility of another ATH in 2020
Otherwise, if price is going below 3000, equity markets are in major trouble and we are likely entering phase of major bear markets and economic recession, last seen during 07-08 period.
Therefore, long ideas should be attempted with major caution...
Today looks like we are going to play around inside the over night zone and could be a very choppy day. Any substantial break of the red zone will be a strong indicator of what side of the market wants to take control. So looking for a back and forth trade until we clear this zone.
Bigger idea this is a balance at the bottom of a big move and could be telling...
Now that is a good sized down move that took out support and coming into more support. so further down is very possible, and on bounces the short trade is where I will be leaning the hardest.
That being said do watch for strong reactive buying if buyers are found.
Big one sided move the red zone has less value and will put more value in how the action plays out,...
The overnight sessions has been moving down and may need a bit of an upward resolution before finding it way further down. However in this crazy market look for strong action bast red top for a up move. This is a very large many day range and could play around anywhere in this range. watch for the big action then follow along but do not let bias keep you in a...
2202020
ES found a over night new high and is balancing in the top part of the big range. I will be watching for buyers to step in around 3378 but could let it drop as far as 3370 and still be top of range. Also thinking sellers will step in around the 3389 area and if above should see the over night high tested.
Do not look for big moves during the day session...
bullish over night move inside a very big balancing zone so a break of red zone should take us to the outside of the balance zone to test the buyers and sellers in them areas. so above that is 3390 area and below is 3355 area. Until this area is cleared looks to be a back and forth of this big zone using smaller daily zones inside that range.
I think we could...
overnight is very long and testing higher with nice levels of acceptance at the higher prices. also the bigger names that reported last night showed strong earnings so looks like market wants higher one more day.
will be watching red zone close and reacting early to any big push after open. I expect, like all the days this week, the market will have a early push...
Looking for ES to remain a back and forth trade until we can get a break out of this zone. there are many possible targets below if that side ever kicks in and lots of blue sky above, but both of these will take commitment after this range consolidation break.
Be careful of a small break that does not find commitment and just returns right back into the same...
Quite a lot of people like trading indices using the Volume Profile tool.
In my experience, the Volume Profile works fantastic with indices. In fact, I am also planning to add ES (SP 500 futures) to the levels which I publish daily for members of my Trading course.
So, today, I would like to have a closer look at the ES and show you my intraday trade analysis...
spx is about 1 point higher than ES so very close to same numbers
the action over night is all long and finding a balance at the top of the over night action so my primary thought is long, however each day has been sold off till late in the day when the buyers step back in so be very careful. I will look for a early break out and then be prepared for the follow...
While the flag I mentioned for a few days broke out yesterday and is now balancing a consolidation of acceptance and is giving the impression the market still desires higher prices.
I would welcome a test to 3340 for this spot to get long but that deep of a pull back may not happen. so second plan is to watch the break above the overnight high for a retest like...
Today there are many things that could be mentioned about the indices but the simplest is to watch teh red zone for a break or inside action. At this hour I do not have a leaning other than the flag mentioned Friday is still 100% in tack, so will take a strong bullish stance of it resolves upwardly.
-1 for ES futures line locations
Over night is very bullish and running a balanced acceptance. so look for higher, but this could keep following the same past pattern and drop down to support before finding the buyers to take it higher one more time.
Red zone bottom is yesterday regular session highs and that is the area I say should hold for the bulls or we trade...
For ES futures numbers reduce chart lines about 2.5 points.
Most of the overnight action has been to the up side and looks like this marekt is the happiest when moving up. At the top of the overnight range the ES is accepting the current value, at least for now it is.
I will be looking for a retest of the bottom of the red zone for a bounce or a breaking move...
