E-Mini S&P 500
I'll be pretty busy with technology work for remainder of the week, so the posts will be brief. We've been coiling for a few weeks now, and if there's one thing you can count on in the market (and in life), it's Change! I'm anticipating a big and fast move in the near future; perhaps even as early as tomorrow. Here's the Daily ES chart showing the Big Picture:
ES - Daily with Fib Projection/Retracment Levels
As you can see, price nearly hit the 138.20% upper target on the previous swing before selling off and testing the lower end of the channel. We've already hit the 127.20% extension at 1119 in the current up swing.
I'm anticipating a break-out move based on the triangle pattern on the Hourly chart.
ES Hourly Chart
Short-term bias is bullish above 1101 and bearish below 1099. Please refer to Key Levels chart for support/resistance. If we break below 1101, I'm NOT anticipating a bounce at 1099. Instead, I'm anticipating a move down to 1093 with a bounce at first touch of the 1091-1093 support zone. Beyond that, we could tag the 1086 and 1082 areas. Above 1108, I'm anticipating a move to the 1118-1119 zone, and a pullback on first touch. I'm not expecting price to sell off if it tags 1119; instead I'm anticipating a pullback and another push to 1122+. I'm anticipating a trend day so will be very careful in fading the momentum into support/resistance areas tomorrow. I think we're going to slice through some of these levels when price starts moving, so I'll be waiting for confirmation before taking any counter-trend trades.
Redbook out at 7:55 AM (cst) tomorrow morning. Trade well!
ES - Daily Bar Chart with Volume Profile and Key Levels
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.