SPX Daily
What I'm seeing is that we are trading in a symmetrical triangle of sort, and SPX can either break above or below it. I'm inclined to think that the 2 dojis (in red elliptical) should provide fairly good support, given the reinforcement from the demand zone beneath it (800 - 815). Even if price were to cut through it like a knife through butter, there's still support at the low of 741 on Nov 21. Just the way I'm reading my chart. Whether we get a bounce from there still depends on the way trends unfold daily.ES Hourly
Still playing the main theme of a breakout on the Descending Broadening Wedge (the blue trendlines). I tend to see yesterday's downward move as being merely a pull back...Secondary theme: Ascending Broadening Wedge (the white trendlines)
My thinking is that ES will trade up towards the ceiling of the ABW, or to 835 (which is also fib retracement level of 50%) and 840. If ES were to turn down towards the bottom of the ABW from 835 - 840, I'll tread carefully, coz that would be a sign that what's unfolding could very well be a partial rise. Bearish.
ES is trading in the range of 827 to 828 now, overhead resistance is yesterday's close at 829.5. Support's at 825 (I HOPE - coz I'm in a long position again! $&*#&$*)
Plan A (Long)
- Long at: 825, 830, 835
- Exit targets: 830, 835, 840
- Short at: 850, 840, 835
- Exit targetss: 840, wherever and whenever ES touches base of ABW, and 815
4 comments:
Hi there,
It's interesting to hear the ES as being described as milder or tamer than the TF, lol, but glad you found something more suitable for you! I will definitely be keeping a closer eye on your blog entries even more now.
Definitely see a symm. triangle on the daily as well...getting tight in the apex. I was somewhat surprised that we'd sell off this much today since a new uptrend channel has been forming since 2/2, however I knew 848-850 is very strong resistance so breaking that on a first attempt in a while would have been pretty amazing. Looks like next support is 'round 816.
Yup, Jane, I am looking at 815 - 816, and praying to the futures god not to let ES go there yet...
Still haven't gotten down to opening my emails...ES has given me no reason to do anything else coz the volume's so decent even during asian trading hours! I'm forgetting food, grooming, housekeeping and everything else that normal people do on daily basis. If my cats haven't been clawing me in rage, I might even have forgotten to feed them LOL!
I tried praying to the futures god...i don't know if one exists :P
" I'm forgetting food, grooming, housekeeping "
LOL. Take a break, woman!
I most certainly will need one once I get out of this trade, Jane. It's been more than 3 hours, and I'm desperately needing my nicotine fix! :-)
Nah, there's probably no futures god. But there's GObama!!! LOL!
Post a Comment