Es_f
16/02/2021 #SPX #ES_F $SPY 300pts Up, Then?US was closed yesterday, so was Asian session. Price opened and rallied and then ranged the whole time yesterday. We are at strong resistance and we are over-extended. Price hit my 3961.9 level and is coming down. On break of 3951, look for re-test of 3935 level. Since we went higher and get rejected for a move lower, might signal near term top. Break of 3951 can bring 3909.
SPX Topping?S&P futures hit the line that crosses highs since November and made a large outside day today (engulfed the prior 2 days). The day ended with a doji (not perfect but close enough). The trendline and candlestick combination suggest that this could be a top of sorts. View scandinavianmarkets.com for more commentary.
02/03 ES_F LevelsJust sharing my areas that I'm willing to do business at.
What you do with them, that's up to you.
Orderflow | Market Profile
Futures went into megaphone strategy — how to playAt the beginning of the week, $ES_F established few trendlines creating a big probability for the start of the megaphone pattern, and we rocked it in the previous idea:
We will be looking at the bottom of the BB channel and allow it to extend a little bit to the downside whereas we know MMs like to kill stop-loss positions before bumping futures back into the game.
Watch the levels around 3690 for the long position until mid-bb or a little bit above it to the previous Fib column which yet still in play.
Also, be aware of rising VIX which can incur some down-pressure to the equities, however yet Fed promised to buy as long as investors are at risk.
Invalidation probably at 3670, however practical bottom 3640
SPY perspectives - two scenariosWe are moving into a more and more tight price action as we are in the end of the wedge now and with the rise of volumes we see some heighten activity in trading.
RSI and MACD divergence are still showing divergence with the price and RSI is almost below 50. MACD has a bearish crossing and the histogram is going negative.
Two possible scenarios are forming now. We have a bullish one that is currently forming as we've jumped from the internal support around 373 price zone.
Failing to continue the movement back inside the uptrend we may see a fall below 373 and move towards the first support zone at 360.
S&P E-mini Futures - Expecting sideways or upside for this week I don't believe the S&P composite index will continue dropping without more upside first. This is a short-term prediction and is also a reason why I believe bitcoin will bounce short term, as well.
Projected target path (blue line) probably won't happen, it's there for spectacle.
