So far a overnight consolidation at the bottom of yesterdays range so will be watching the 20 point range for a chop trade or a break out trade. Not thinking a break out is highly probable after 2 days of large moves so until proven wrong will be working the 20 points or the tops and bottoms formed after open.
Over night is happy at these new low prices and any bounce that fails looks like good shorting points. the top of the red zone could be a strong rejection or the gap fill watch both. In the event of gap fill and it remains at those levels next stop could be 2960. Will be looking for a move to 2900 if we start moving lower. but remember after big moves can be a...
The indices are bullish and show no sign of weakness, however we are at the top of a distribution and not getting above could be telling so will watch for top side choppiness or a failing break out. As of this typing we have not got a predominate symbol pulling away from the rest so the opening action will provide some good detail to the action today.
we are in a compression that will break some day but until it does will play the inside. will provide more details as the day moves on just watch the supports and resistances shown.
The levels I am pointing out are directional signaling areas and are not always the trade trigger. after a direction is established for my trade i then need to have a triggering event. The trigger can be right at the break point but often is not and the market will have to provide me some real time info to actually create the trigger so the action can be fired...
I know it's been a H&S party on a lot of these posts lately and i also am aware it's Asia session and AH's and volume is light but thought i'd point it out. This is on the hourly. If it does play out i'd expect a test and possible break of the 2960.25 level, and if it breaks, taking us down to 2939.25 level (Gap fill on SPX and Spy ). Do i expect this to happen?...
overnight has no real consensus adn is only a leaning a bit long. With this info and the overnight action will be looking for a possible pull back to 2986 for a spot to get long. Will also look for an impulsive move below this level that could have me switch to stalking a short trade back down to marked targets. The long idea i will be targeting 2996 and 3005...
The overnight is inside and balance and working a large consolidation, so will be trading the big range until we get a new break, until open and I see how we react I will be leaning to the short side
Wedges: three pushes up or down The traditional definition of a wedge is a converging triangle that slopes up or down, and traders expect the breakout to be in the opposite direction of the slope. They look for an upside breakout of a wedge that is sloped down, and for a downside breakout of a wedge that is sloped up. Wedges are continuation patterns when they...
to adjust to spx500 numbers add 1 point to the lines on the chart overnight the trading range was up some and could give us a nice pull back to 3000 for a long. Will however look to see if the market keeps pushing to further weakness. we are now in the second week of consolidation and this can only lead to a massive break out either up or down when this area...
Use this as a guide to develop your own setup Main items we can see on the Daily chart a)The price is against the broken descending channel b)The price is against the upper trendline of the corrective structure c)This two levels combined creats a good zone for reversals d)We can see a low volume on the bullish movement, using Wykoff theory, than can be read...
Looks like we couldnt hold zone. If were still under 3000 by morning opening i think markets drop. Looking for 13 day ema here. About another 17 points lower
/es and /nq both gapped up. /es back up over 3000 and into our supply zone. Holding bottom range support so far. China news broke down to not being over the trade war afrerall but over international politics. No bad news over weekend. Will continue back on uptrend through zone IMO. Could nee that ATH range again on SPY. Looking for quick ORB in morning for...
I am not going to be doing my morning S &P 500 charts on the ES futures chat so it matches with the product we trade in our chat room, let me know if you want the point adjustment to convert the numbers to the spx500 TV chart. The overnight has moved lower inside a very large distribution. and will be looking for a bounce on open and if that bounce rejects could...
Here are the major areas I find critical for any type of SPX directional trades or using for support and resistance trades.
Add 4 points to the lines to get ES values. Indices are in a massive range and I will trade the inside of the red zone as we remain inside this range. Will watch for a break of the orange lines for a probable big move when they break. The dash line will be target of my trades from each edge.
We look to be building a new middle distribution and the break above and break below will put us back into prior distributions so consolidation followed by break outs. Watch the run to ATH or big pop down, but very tight trading until this happens. pull back to 3000 will be a good retrace area for a long trade, I will be watching this very close.
For ES numbers add 4 points to the lines on the chart. The over night is balanced with a small negative drift and could be signalling a further move lower. A strong red zone is developing of 13 points so pretty big and could see further contraction before breaking out, hope not, small ranges are not much fun. I posted a major S and R chart and is either the...