ES SPX Weekly Review 14/10/2022
Updated
14-10-2022
#ES #SPX #SPY
Finally we got a pin reversal bar and alert after we faced a rejection around EMA200 and 0.618 resistance on 16 Aug.
Yesterday we saw a tradeable bounce after CPI data was released. It is a 2B long setup (broke 3571 and reclaimed in the market open) but we can’t tell if it is the turning point from bear market to bull market as we are oversold based on technicals and it can be a bear market rally (You can see the moving averages that we are momentum divergence at this moment)
The 1st resistance is EMA20 around 3736, 2nd resistance is 3817 as it is 0.382 bounce target and prior high. You should use 3502 as pivot low to be a stop loss of your position, at least take some profit and move your SL if you have any long position.
Chasing a long position is not recommended as the SL is far away from entity point, you have to be “Fast In Fast Out” if you want to participate in the rally.
Not being aggressive, cash is still king as the market is really headline driven, we are still under distribution. We do not do prediction but we analyze the market for the trading strategy and operation, stay defensive and bet small.
#ES #SPX #SPY
Finally we got a pin reversal bar and alert after we faced a rejection around EMA200 and 0.618 resistance on 16 Aug.
Yesterday we saw a tradeable bounce after CPI data was released. It is a 2B long setup (broke 3571 and reclaimed in the market open) but we can’t tell if it is the turning point from bear market to bull market as we are oversold based on technicals and it can be a bear market rally (You can see the moving averages that we are momentum divergence at this moment)
The 1st resistance is EMA20 around 3736, 2nd resistance is 3817 as it is 0.382 bounce target and prior high. You should use 3502 as pivot low to be a stop loss of your position, at least take some profit and move your SL if you have any long position.
Chasing a long position is not recommended as the SL is far away from entity point, you have to be “Fast In Fast Out” if you want to participate in the rally.
Not being aggressive, cash is still king as the market is really headline driven, we are still under distribution. We do not do prediction but we analyze the market for the trading strategy and operation, stay defensive and bet small.
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