S&P 500 Futures hit supportToday's down move off a recent All Time High takes price down to the Kijun Sen which is the 50% Retracement level of said high from the 7/19 low.
Esfutures
ES1! bullish correction commencedBullish correction (wave II within monthly timeframe) has commenced agw
The edge of wave II (on monthly timeframe) should end at the edge of wave 4 of weekly timeframe
Hence the target is 3700 what is equal to 500points (12%) downward correction
ES Power Range Report with FIB Ext - 1/15/2021 SessionContract - CME_MINI:ESH2021
- High - 3797.75
- Low - 3792.00
Evening Stats
- Gap: = +0.08%
- Session Open ATR: 48.99
- Volume: 104K
- Open Int: 2.5M
- Trend Grade: Bullish
Key Levels (Rounded - Think of these as a range)
- Long: 4020
- Short: 3620
Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions.
ES (SP500) Short Setup (4th dec 20)Hi traders,
I'm bearish today (and monday) and you can find my targets and price action prediction on the chart.
Disclaimer: This is not a financial, trading or investment advice
PS: Remember to follow me, like and drop some comments
Stay healthy, trade safe.
Atilla Yurtseven
SPY - Short to $320Need to resolve On-Balance Volume Price Action divergence before gambling countertrend buys. We did see the breaks get pumped hard around $330, but that was also a major support. Volatily is high. Every day we inch closer to election, more investors grow weary about further losses to their accounts. Low is not in yet.
Resistance ahead of S&P 500The index is currently trading in a bearish channel on the 4H chart. If it breaks the upper trend line, it will be facing horizontal resistance. Expecting a bearish or choppy movement ahead.
SP500 path and directionHello everyone
Sp500 started a uptrend channel in April however in SEP we broke this uptrend channel but
SP500 found support on the blue trend line and price went back to test the previous Uptrend channel
Price respected the uptrend channel resulting a doji candle that means the previous channel is acting as resistance now
Or price could get back into the channel
Or we could chop in this zone between blue trend line and previous uptrend channel
However any close below this blue trend line we are heading to demand zone below and also to test the purple broken downtrend line
feel free to ask me anything :) and good luck
Note :I see a inverted head and shoulder so far
ES intraday price action probabilities for 22 Sep 2020This is my expected (predicted) price action. It states 33% up and 66% down and it's valid only until end of the day.
Let's see how is that going to work.
Disclaimer: This is not financial or investment advice
Stay healthy, trade safe.
Atilla Yurtseven
ES - Expected Price ActionThis is what i am expecting to see. This is the daily chart and i think this can go up to end of September. However, if it doesn't work until mid Sept, then we need to update the trend.
My ES target is $2500 but it's up to economy and covid.
This is not a financial or investment advice.
Narrow range daySPY closed up 0.7% yesterday.
With most of the gains from gap open.
Yesterday was a narrow range day (NR7).
Such days are compression days and energy release can be quiet explosive in either direction.
ES futes are down about 13 handles and suggesting SPY open down about 0.4%.
Support is at 320.50.
Found supportSPY closed down 0.36% yesterday.
After being down considerably more in the morning session.
Index found support at 319.50 level as shown KAMA moving average.
ES futes are up 8.75 handles at present on the heels of stellar big tech earnings.
Expecting SPY to open up about 0.33%.
Staying neutral as squeeze momentum indicator trending down.
And RSI trendless, though not negative.
Ping Pong marketsSPY closed up 1.2% yesterday on heels of soothing words from the FRD.
However, ES futes are down 28 handles as of now, giving up most of yesterday's gains.
Dismal economic data in Europe and US is weighing on markets at the open today.
Staying neutral appears to be the right call at present.
Staying neutral.After a choppy morning trade SPY had a liquidation break later in the day to close down 0.63% yesterday.
Mom squeeze divergence continues is downward trajectory.
As does RSI though it still remains above 50, hence positive.
ES futes are trading up 11 handles projecting an green open for SPY.
Staying neutral for the time being.
Coming week can bring turbulence. ExplainedComing week can bring turbulence to markets. Special attention has to be paid to the SP500. The technical analysis is still neutral. We got rejection last week, but it happened with a low volume. It can’t be considered a valid swing failure. If 3170 – 3140 holds, we can see a retest of 3400 and possible double top formation. However, fewer stocks support this rally. We have seen the same scenario before each sharp decline. So, keep that in mind if you long the stock market.
The Federal Reserve meeting is scheduled for the coming week. But likely we will not hear something new. Implementing negative rates looks doubtful. So, the dovish tone is all I expect from the Fed.
Extra jobless benefits disappear at the end of the month. Currently, 20 million Americans get an extra $600 a week. If there will be no fast extension of this payment, the income of the average unemployed person can fall to $200 a week. That will make people spend less. Less spending means less income for the retail business. Some of them will have to close. We have already discussed a big number of bankruptcies and their impact on the economy and the stock market. The situation looks dramatic.
The second-quarter U.S. GDP is another important data all traders are waiting for. Atlanta Fed forecasts almost 53% decline. Those numbers can shock the market and cause high volatility. Such expectation is a result of rapid COVID spread in the USA. The situation in the EU is more positive with a 12% GDP decline expected.
Grinding higherSPY closed up 0.57% yesterday.
Beating small caps and tech mega caps indices for a change.
Stimulus talk appears positive for the market. Buy the rumor.
Coronavirus count increase a negative. But each day brings vaccine availability closer.
ES futes treading water, up +4.5 handles as of now.
Mom Squeeze indicator remains pointing higher.
NY advance-decline makes another new hi.
Usually points SPY higher.
Schizophrenic marketsSPY closed up a lacklustre 0.21% yesterday.
Opened higher, closed lower. Never a good sign.
Stocks rotation had small caps out performing tech mega caps.
Just the inverse of Monday.
SPY remains above support.
Momentum squeeze indicator still rising.
ES futes are indicated down -3.75 as of now suggesting a lower open for SPY.
Trend still remains higher though markets trading without much conviction.
Staying LongSPY closed up 0.81% yesterday.
Far cry from the 2.84% gain logged by tech mega cap QQQ index.
Squeeze Mom indicator remains supportive for higher SPY.
Support is seen at 313-315 zone.
Europe approved stimulus plan. More wind beneath the wings of markets.
ES futures are up smartly +24.50 handles as of now suggesting a 0.75% higher open for SPY.
Weekly pointing higherSPY closed up 0.29% in lacklustre trade on Friday.
A damp squib of a trading day Fri since on monthly options expiration there vigorous two way trades.
The weekly and daily chart both continue to point higher prices.
256 companies are reporting this week, amongst them tech bellwethers MSFT and TSLA.
Positive forward guidance of these companies can impart impetus to the up move.
ES futes are marginally down -5.38 handles as of now but NQ futes are up 33 handles suggesting a mixed opening today.
TrendlessSPY stuck in a box for 25 days.
No trend at present as big elephants trample the 300-320 zone.
Slight up bias, first support at 311.25 and second support at 305.70.
ES futes are neutral as of now suggesting flat SPX cash open.
Bifurcated marketsSPY lost -0.6% on Thursday.
DJIA lost 1.4%. And IWM lost -2%.
But Nasdaq gained +0.5% on the heels of tech heavy institutional darlings.
Earlier in the day SPY had lost -60 handles, but recouped some losses by day's end.
Today's overall weakness is shown by declining issues over advancing issues by a 3:1 margin at the NYSE and a 2:1 margin at the Nasdaq.
ES futures are red by -10.25 handles as of now.
NY Advance/Decline issues are sloping down and just perched above 50% level.
Nasdaq and NY Mcmillan oscillators RSI's are below 50% suggesting declining markets ahead.
But still the broad 300-320 range holds on SPY.
Only a trader's market at present.
Stuck in a boxSPY closed up 0.76% yesterday after a wicked 30 handle liquidation break in one 30 min late morning trade.
That's how the institutions scoop up shares.
SPY is stuck in a box for past 22 trading days with support at 294 and resistance at 323.
Volatility has come down.
Squeeze mom indicator is gradually trending up.
Support is seen in 306-311 zone.
At present SPY is digesting the big gains from Mar 23.
Looks like it SPY wants to head higher per TA.
ES futures have trades listlessly in the ON session with a slightly bearish bias.
ES futures are down -5 handles as of now.
Solid closeSPY gained 1.54% yesterday.
Now in a bullish trend.
Support zone 306-310
ES futures as showing weakness, down -21.75 handles as of now.
Some bearish news taking hold today per Briefing.com
Australia is going back to a six-week stay-at-home lockdown mode
China is allegedly not fulfilling all parts of the Phase One trade deal
Organization for Economic and Cooperation and Development issued a gloomy unemployment forecast
OTOH, Raymond James upped AAPL tgt. to 400.
Happy trading.
