overnight has us setting up a little bit long but very much back and forth so no real directional bias. I will be looking for a test of the 2840 to see if it wants to bounce and then if it rejects near the top red line. Clearing the red boundaries will help set a direction bias but will need to see decent impulse or time served over or under these line. If this...
Over night moved down a little but is not showing extreme pressure down so will be looking for a open that is sideways to down, if we break the lower red line I will be biased to short trades but above that lower line feel things will remain as a choppy back and forth trade today. Targets for lower and higher are drawn on chart. Will watch for impulsive moves or...
The over night drop could see a retest higher before dropping some more so this is first idea for a bounce to 2907 to 2916 and then see a down move take back over. the second idea is a small range choppy action between 2892 and 2913, and in this plan will short tops and long bottoms for the day. the third concept for the day is a firm break above the 2916 area...
After last weeks massive up move off the bottom forming a Thor's hammer we could be seeing the two orange lines I have drawn as the boundaries of a wide trading range. I think to clear this range we will need to have some form of stimulus. So without the stimulants nice possible tight range then big expansion all inside the orange lines.
Watching a volatile week, S&P 500 is expected to continue its bullish trend ahead. The price seems to be within a predictable channel. Indicators like MACD and Stochastic are indicating a bullish movement. However, one should be watchful in the 2902-2934 price zone. If the bears could drag the price below 2900 - a further drop can be witnessed.
over night action is very contained with no real directional push right at the prior days highs so remaining above 2910 I would have to think we move higher, so my leaning for trades will be mostly long. The range is big all the way to 2940 so there is lots of room for good shorts inside my long bias. the opening action will help me find the trades for the day, ...
I believe it should be evident that the top has been put in on this two year topping pattern of : Bear Wedge / 3 Drive Bearish Divergence (M)
Now the fun starts.
GL
indices move up and then found a happy place for most of the over night session, this could either be a impulsive up move at open or a pull back to the 2883 area. These are both bullish trade ideas and until we firmly get and stay below 2875 I will remain biased long. This does not mean rejection from resistance areas will not make good shorts trades. As of...
Thing seem to be moving around today and could be a choppy or a break out day so will watch for impulsive breaking moves to trade from, above the upper red line will be looking for long trades and below the lower red line looking for shorting trades. Yesterday had decent strength in the buying and will have to watch for that, however a move below yesterdays over...
I hate to say it because I think that the economy is fundamentally strong, but my price action based trading would have us rejecting around 2960 and then moving down.
In terms of shorter term, I'm thinking we reject at 2960 and then test 2730-2750.
For a swing trade, I'm thinking we end up touching 2520.
THIS IDEA WILL BE INVALIDATED IF WE ARE ABLE TO CREST...
Had major internet issues today and was functioning on my back up so only opened what was needed to manage some earnings plays. so this is a late up date only marking some important boundaries for the remained of the day.
NFP could give us a bounce to enter a short position for a flash correction into early next week. Either way I will be looking to short Friday and anticipate the bottom by August 6 which is the same as my canceled entry from last week. After that bottom is confirmed, I will post long opportunities when they make sense. But the long entry could be as soon as...
Consider this as an idea to develop your own setup
Main items of the 4hs chart
a)All the major trendlines that were working as dynamic supports have been broken
b)On MACD we can see divergence on the Histogram
c)The first support we have is the neckline of the Previous Head and Shoulders pattern that didn't evolve as supposed
d)Currently, the price broke out the...
4H CHART EXPLANATION:
Price got inside the Descending Trendline again, breaking downwards the Support Zone, and now making a corrective structure facing the Ascending Trendline. If this zone is broke, it will confirm the bearish direction, so we expect a movement towards the Support Zone. In case this zone is broke, then the next target areas are explained on...
Looks like a open gap that will just keep going, and in this case will be looking for any place to grab a short, got some targets marked and many are very extreme. We also could get a re balancing pop up that will also trigger some shorts so will be leaning short until we get over 2916 area and hold it for a bit of time. Add 3 points for ES numbers.
over night action is very 2 sided in a big range and is also the boundaries I will looking at to see if the day takes on a direction, if not will trade long and short inside this range, for ES targets add 3 - 3.5 to the line locations. After open will post my active plan
Powell rocked the markets yesterday:
“Let me be clear: What I said was it’s not the beginning of a long series of rate cuts. I didn’t say it’s just one or anything like that. When you think about rate-cutting cycles, they go on for a long time and the committee’s not seeing that. Not seeing us in that place. You would do that if you saw real economic weakness and...
