ES! / MES! Bullish Futures Close
Updated
Caveat: This is a speculative view of ES into tomorrow. I base it on two indicators: Price/Risk and Price Momentum.
Based on Price/Risk indicator, I expect a gap up tomorrow. Indicator closed positive, while price closed well off highs, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, then we'll have to look to see if Price/Risk supports the move, because there is too much weakening in the Price Momentum. Only very short term timeframes (<1 hour) are positive. So, this is a mixed picture overall.
I bought some ES 3985, so hoping we move to 4000 for quick gain.
Based on Price/Risk indicator, I expect a gap up tomorrow. Indicator closed positive, while price closed well off highs, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, then we'll have to look to see if Price/Risk supports the move, because there is too much weakening in the Price Momentum. Only very short term timeframes (<1 hour) are positive. So, this is a mixed picture overall.
I bought some ES 3985, so hoping we move to 4000 for quick gain.
Trade closed: target reached
Took a bit longer than i expected, but out at 3997.50
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