Hmmmm. This doesn't look too good for ES if I'm being honest. I am currently short as of this morning.
ES Hourly Analysis - Bull Flagging into 4400 Price action was quite choppy today and was hard to read. When that happens, it's best to just step away and let price paint a picture for you over a period of time until the direction is clear. That is exactly what ES has started to do. On the 2-5 minute chart this looks like a mess, on the hourly, it's painted a...
Quick ES Daily Analysis - Bullish/Neutral - Building 4 Hour Bull Flag into a Break and Retest Thursday & Friday we saw a nice rejection off of 4430's backtest. Now we are at a recent break and retest level of 4340-4350 that was resistance for about 3 days from 28 Sep - 02 Oct. I'd say if we want to see more upside, this is where bulls need to hold in order to...
SPY closed up 0.79% last Fri. And at the ATH monthly close. Augurs well for new price ATH. ES futes trading up +19 handles as of now. SPY suggested up open about 0.6%. Most Mondays are green in the past 2 months. Big cap tech has been pulling the other indices with it. Strong earnings, in the face of pandemic, is exceptional.
SPY closed up 0.73% yesterday. It remembered Monday, so had to be up, especially on Corona vaccine positive spin. Yesterday SPY kissed the back side of the broken support line. Tech heavy QQQ ramped up 1.78% as vicious rotation continues. ES futes are negative -12.25% as of now. Banks keep trading very sluggishly. More weakness in this group will pressure...
SPY closed down 1.19% yesterday. Tech mega cap index, QQQ. got slammed for 2.61% MSFT, TSLA, NFLX earnings were good but they got sold anyway. Frothy valuations I guess. SPY RSI has diverged. Price made new high but RSI made lower high. Short term RSI trendline is undercut. Mom squeeze indicating caution due color change. Expecting sideways movement with...
SPY traced out a NR7 day yesterday and closed down 0.33%. Lack of institutions participation meant a trendless day as locals took charge. Advance-Decline line has made a new high. Index usually follows the ADL trend. Expecting higher prices in the weeks ahead. ES futes are green as of now and SPY s open will be marginally green. NR7 has compressed the...