ES/SPY Sept 16 Weekly Analysis
We are off to a slow start this week but we look like we could ne pushing our way up. The current pattern on SPY looks like a potential bullish flag pattern.
Keep in mind that this week we are awaiting the Fed's decision on decreasing the interest rates by 50 basis points. As we await the decision, we are looking for clues in the candlesticks, to give us a hint as to which direction we could break out to once the Fed decision is made.
From the 15min perspective on SPY, there is a support gap closing around 559. If we continue to drop, we could fall into a support fair value gap around 555.
If price continues to hold and break up to the bullish side, we are expecting SPY to continue up and test the all time high around 564.
We also want to keep in mind that ES will change contracts this week from September to December. The contract change itself, could cause some changes in the ES chart (especially the price value). It could cause the price to drop and test into the lower daily support fair value gap around 5600. If price were to continue up, it would most likely fill the daily resistance fair value gap around 5736.
From the daily ES perspective, 5736 is the resistance and 5628, would be considered the tight trading range for this week. Depending on how we break structure, will further determine how price will continue to either rise or fall.
Keep in mind that this week we are awaiting the Fed's decision on decreasing the interest rates by 50 basis points. As we await the decision, we are looking for clues in the candlesticks, to give us a hint as to which direction we could break out to once the Fed decision is made.
From the 15min perspective on SPY, there is a support gap closing around 559. If we continue to drop, we could fall into a support fair value gap around 555.
If price continues to hold and break up to the bullish side, we are expecting SPY to continue up and test the all time high around 564.
We also want to keep in mind that ES will change contracts this week from September to December. The contract change itself, could cause some changes in the ES chart (especially the price value). It could cause the price to drop and test into the lower daily support fair value gap around 5600. If price were to continue up, it would most likely fill the daily resistance fair value gap around 5736.
From the daily ES perspective, 5736 is the resistance and 5628, would be considered the tight trading range for this week. Depending on how we break structure, will further determine how price will continue to either rise or fall.
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