SPX 4400-4355 is no mans land. Below 4355 we're in free fall territory to 4300 followed by 4250-4200 and extreme 4175. Above 4400 we can test 4450-4460 and over that a squeeze potential to 4510.
Levels to Watch : Resistance - Current 4392.25-86.75 // Key for Continuation 4405.25-4398 4422-18.75 // 4434.75-28.50 // 4445-37.75 Support - Current and for continuation lower 4367.25-59.50 4349.50 // 4327-21.50 ? Not Tested. Key HTF Support 4291.50-65.50 I wouldn't say 4378.50-74.75 is currently Support unless Globex can Hold over. Last Week : Beginning of...
For whatever reason, the thing about traders is they don't like to go short and they don't like to buy puts. This is primarily because of being conditioned by the market makers during bull runs and bull impulses that it's just literally lighting money on fire. And so once a real correction begins, some people buy the dip the entire way down, averaging down,...
This chart was made using volume profile to try and capture areas of interest and bigger picture over all. We broke into this range June 12th, held above and that gave us a test higher where we found our first good resistance and sold back down to the break out area where we ran out of supply to go lower and price came back inside Value. End of the month...
Recap Yesterday saw a clean uptrend move in ES, marking a major low after three days of higher daily lows. The relief bounce to 4418 and high 4420s was anticipated and played out as expected. The day ended with ES reclaiming 4400 and squeezing to the 4426-29 target. The market now sits 100 points off last Friday’s low, with key catalysts such as NVDA earnings and...
Recap ES broke its three-day red streak last Friday by putting in a daily bullish reversal candle. This triggered a relief rally that started this week, squeezing 60+ points. Despite the volatility, ES has remained in the same position as it was on Friday/Monday in the 4390-4400 support cluster. The question now is whether ES is building a base for a bottom or...
Recap In my last newsletter, I spoke about the bullish hammer candle reversal day we saw in ES after three straight red days. This was only the third green day in the entire month of August. As a result, I was holding long over the weekend with multiple setups to add to this. My general lean was that we could bounce more, to 4404, then perhaps 4420s before trying...
When I made my July 29 call on the ES SPX Futures here: SPX - The Sound of a Shattering Iceberg We had anticipated that a retrace to the highs or a raid on the highs was on deck. And yet throughout August, price action has been extremely bearish across all commodities, indexes, equities, and bonds. We very suddenly went from talk of a new bull market to a...
if news not come, we will see up trend soon to Fino 61% if you have old buy, must put hedge selstop in low( break low= new downtrend) if you have old sell,you must hedge them now and wait 3 week for next trendline break to down good luck
Recap This week has been a masterclass in what I call “Technical Analysis 101”. The most significant technical event of 2023 occurred on Tuesday, with ES breaking down the uptrend channel connecting the March and May lows. This resulted in a 100+ point multi-day selloff, the deepest since before the March low. However, ES managed to put in a green recovery day on...
Last Week : Last week market went sideways between our Key Resistance and Current Support area which we established on Sunday. Selling seemed very mechanical again because we didn't have size plowing through important levels and continuing, instead we get holds/bounces then continuation which so far has been trapping more new longs on the way down who are...
Recap The bears had their first major technical win since mid-February, breaking the perfect rising trendline from the March lows. This has triggered a "sell the bounce" theme with the bulls struggling to put in green days in August. The question now is whether there is a relief bounce on the horizon. Premarket 🌏 Asia: Down 🌍 Europe: Down 🌎 US Index Futures:...
Apple has really been, perhaps arguably, the key reason the bear market rally has been as extreme as it has in 2023. Looking back to January, there really has not been even a single genuinely bearish day. But with Q2 earnings as a catalyst, we now have signs of a genuine and significant reversal pattern, and at an all time high. It's very evident on monthly...
Recap August 2023 has been a unique month with 12 trading days, 10 of which were red. Tuesday, ES hit its most significant support level, leading to a continued grind down. This triggered shorts Tuesday for a breakdown trade, which finally followed through yesterday afternoon. After 10 of 12 days red, the question is whether the bulls can get a relief bounce and...
THE BURRY CHANNEL: World famous trader Michael Burry went all in on stock market shorts last week! Bullish setups are going to be hard to find until we break out of this channel! *MICHAEL BURRY'S SCION ASSET MANAGEMENT JUST RELEASED ITS LATEST 13F FILING *BURRY BOUGHT PUTS WORTH $900 MILLION DOLLARS AGAINST THE S&P 500 AMEX:SPY *BURRY BOUGHT PUTS WORTH $740...
Greed quickly became extreme at the end of July, and the beginning of August has severely punished bulls, who are still buying the dip and buying the dip. The July high on Nasdaq happened to occur along with the Dow and the SPX in that all three indexes swept out the January '22 pivot that amounted to a rejection that ended that unprecedented bull...
I have an open call on the Nasdaq NQ CME Futures that theorizes that the markets may have topped in terms of the perpetual bull run, but that we may also get a rip back towards/at new highs. Nasdaq NQ - Is It Time To Sell The Rip? The process has been quite slow to play out so far, but the most dangerous thing for bulls with NQ is that 15,000 has not yet...
Today I shared a video in my trading room of Tom Lee on CNBC post his CPI massive rally call which didn't materialize. One member pointed out: " Lol. The man in this interview is not “fearless.” He is having trouble getting it out, and he has concerns. He is impressed by the “pronunciation” of this move. " I share the sentiment chart so we can observe the...