overnight is balanced and will be looking for a breaking balance move other wise will play back and forth inside the blue zone. Big picture is still long, but the days action is still in limbo. This limbo could resolve prior to opening bell but as of this typing that is what is being presented.
Drew up a series of key fib levels on multiple tf's. Short-term, we are against the .618 and could see a small backtest Sun night. Mid-term, 3369 seems likely. Long-term, 3483 possible.
We keep moving up and back filling could happen at anytime, but out the top of the red zone will be back looking long. I am not sure what to think, will know after today, I did pick a about 1 month back as a top target of 3255. now we are there will see if we rest or keep going, sure looks to me at this point as a keep going.
Using MES here as it's a clean chart, but you get the idea. Rip higher, range float for a few days, then rip higher. Each step has been compressed into a shorter timeline, which would suggest a large moving coming up soon.
Range bound looking for a break out so we can pick a side. the range is big enough to trade but expect very choppy low impulsive action today. not much more to say. may not even trade.
Wow, what more can be said, other than this is exactly what I have been thinking will happen. and until the shorts stop shorting there will keep being fuel to drive it higher. Before the bell the Red zone top could already be broken but as it stands will remain bullish unless we can break lower and then become content at the lower prices. So will be leaning hard...
1 Hour time frame, has a rising wedge. Red lines are my targets and then back long we go.
over night has reasonable balance as it pushes long. Market looks ready to melt up one more time and I will be leaning that way. I thee event we drop below 3206 then a move down to 3202 could happen at a point I would think a bounce. Will focus long until shown the bears are going to show up.
Today we will just follow yesterdays idea
Es is trading in range in balance and now we are looking for a range break out to give us the next legs direction. Again left with a small 5 point range so this gives me very little to work from until the balance breaks. I do not like trading a 5 point range, however if I do will be looking for about 2 points so watch the risk reward on days like this.
last night and yesterday are in a very small range and for sure is looking like consolidation before further move up. red zone is important break out zone and is a very small range for back and forth. I would like to see a break of the zone and then retest the zone boundary for entry.
315 was the previous indicator which rolled to 320. There is a large options expiration on 12/20 with many in the money call options. These positions may spur larger than expected price movement this week. www.spotgamma.com
Overnight is completely long action and could have a pull back to about 3182, as a nice spot to start looking for long side to take back over. The next idea is no pull back and a impulsive move on bell, and if this happens then will be getting long on small flag type replacements. As of this typing the overnight keeps pushing higher so there is not a strong red...
Overnight long has been re balanced a bit lower and also has closed the gap, only in the after hours session. All thing point to a run for 3200 but that may not be today, but I think good chance it is. I will be looking for a impulse move to jump on board, either direction. the down side retrace back into prior range is second idea and very possible also.
Other than widening out the red zone everything is the same as yesterday other than how I will look for trades. I will be looking for trend or impulses inside the consolidation, it is wide enough now for follow through now.
Today the idea is clear so I can publish early. ES is trading inside yesterday and is consolidation looking for its next direction (powell maybe) so will be looking for inside trades until the red zone breaks. There is not a lot more that needs to be said.
Over night Es has moved loser and formed a nice balance, so my primary action plan is a open that moves back up to red zone top and then looks to trade lower and then goes sideways around the bottom of the red zone, in the event red bottom break should be a fast move to 3108. Plan B is a break of the red zone top and a move back tot eh 3145 distribution. If this...