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#202510 - priceactiontds - weekly update - dax futuresGood Evening and I hope you are well. comment: Market had big swings up and down last week but went nowhere after Monday’s gap up. Can’t be anything but neutral. The bull channel is valid until broken so bulls remain in control. current market cycle: Bull trend until consecutive daily closes below 22000 key levels: 22000 - 24000 bull case: Above 23500 we could go for 24000 next week. Market is still euphoric given the probable spending spree the new government wants to do. It’s still being front-run since there are still couple of hurdles before that bill is approved, so bulls better be cautious buying new highs on the hopes of higher ones. New highs were immediately sold lately so I guess we continue with the deeper pullbacks for bulls to buy. I’d be very surprised if we see an acceleration of this trend and a break above the channel. More likely is some more sideways to down until we hit the lower trend line again. Invalidation is below 21900. bear case: Bears selling new highs and making decent money but that’s about it. Bull channel is alive and well and we have not closed a daily bar below the daily 20ema since first trading day of 2025. Bears had a really strong bear day on Tuesday but the follow-through was even better, so they are burned again if they did not take profits the same day. Bears can start yapping again once we have a daily close below 23k, until they I will mainly look for long scalps. Invalidation is above 23500. short term: Neutral around 23000/223400 and only interested in strong momentum trades. Longs above 500 or around 23k. Shorts only on another strong rejection above 400 or very strong selling below 23k. medium-long term from 2024-02-16: As much as I would love to see this 30% lower, it’s not happening anytime soon. Market will probably has to move sideways for some weeks before this could go down. current swing trade: None chart update: Removed last weeks guess of a contracting range. Market is still too bullish for that. Added new bull channel.
EUREX:FDXS1!
by priceactiontds
Wheat Futures Start to Stabilize Wheat Techncials (September): The market has been in free fall for the last week after breaking below the low end of the range and the 100-day moving average. The market is trying to find its footing in the early morning trade, but the Bulls have their work cut out for them to repair the immense amount of technical damage that has been done since breaking down. The first hurdle come in from 960-970. Consecutive closes above there could spur prices to retrace the “scene of the crime” aka the breakdown point from last week, which is well above the market. On the support side of things, 898 ½-903 is the first pocket. This represents previously important price points and the 200-day moving average. A break and close below this pocket and we could see the selling accelerate yet again. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 960-970***, 1028 ¼-1037 ½**** Support: 898 ½-903****, 839-849*** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZWU2022
by OliverSloup_BlueLine