Get started
S&P 500 E-mini Futures
Short

Is a Two-Phase Market Sell-Off on the Horizon for $ES1/$SPY?

By spytradingpro
Updated
SPDR S&P 500 ETF (SPY) - Market Update - 10/9/23 Introduction Monitoring possible market changes as we move through the constantly evolving financial environment is essential. In today’s release of the SPY Trading Pro newsletter, we will examine how a significant market decline may happen in two separate stages and its potential effects on investors who are either optimistic or pessimistic. We'll also talk about how economic occurrences like the imminent publishing of April's CPI figures can influence the market's direction. Phase 1
Note
Market update: 💥 Overnight, we lost core support at 4129-33, leading to a flush down to major support level 4123-4118. CPI is out at 8:30 am today. ⏰ If we drop below 4118, it's time to sell and aim for 4099. Stay tuned for more updates.
Note
📈 CPI numbers released and ES aims to break out of a 2-day bull flag! 🔥

🎯Targets: 4165, 4178-81. 🐂 Bulls must hold 4148, or risk false breakout & return to 4129 support. 📉

🔍 Watch for shifting market narrative from CPI to US debt payment delays. 🇺🇸

📊 Added to my ES & SPY shorts; SPY short position to be increased post-open. ⚠️

Stay tuned & trade wisely! 🧠 #premarket #analysis #trading
Note
📉 Bulls lost the crucial 4148 support and got flushed! 😓 Down we go, stair-stepping to 4129. 🎢

🐂 Bulls regained 4148 and are now consolidating in an attempt to form a base. 🛠️ However, overall market sentiment remains bearish. 🐻

📉 Bulls lose 4148 basing attempt! Bears take full control. 🐻 Bulls must hold 4129/4134 or next leg down to 4118!⬇️

🌊 Choppy technicals today! 4129-4134 support shattered for the bulls. 🐂 To see upside potential, 4142 must be reclaimed. 📈 Bears eyeing 4123-4118 as their next target. 🐻

📉 Bulls lose 4118-4123 support, hitting new intraday low! 😩 Bulls attempt to base at 4115 — if they can't hold, bears 🐻 continue their march down to next level at 4082. ⬇️

🐂 Bulls bounce back & reclaim 4134! 💪 To move higher, bulls must break above 4042. 📈 Keep in mind sell pressure remains below 4118-4123. ⚖️
Trade closed manually
Beyond Technical AnalysisfuturepredictionfuturesignalsfuturestradingspyshortSupport and Resistance
spytradingpro
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.