ES Weekly Levels (May13-17)
Here are the levels I'm using this week. Key things to watch are the PPI & CPI data as well as earnings from big retailers WMT and HD. Powell also speaks this week on Tuesday. Bullish momentum continues but NQ is coming into a completion zone for a bearish Harmonic at the 886 Fib. Potential bullish momo into that level then heavy resistance.
SUMMARY
SUMMARY
- ES posted a weekly gain of 1.55% after trading in a huge 108 pt range
- ES broke through 618 resistance and tapped the 786 Fib retracement
- R2 = May 10th High (5264)
- R1 = LTF 786 Fib RT (5251)
- S1 = LTF 618 Fib RT/9 ema (5188)
- S2 = 21 ema (5169)
- Price has completed a measured move into the 786 Fib.
- Bearish Harmonic pattern now in play with completion zone at 5289.
- Heavy week of econ data ahead with PPI on Tuesday, CPI on Wednesday and Powell speaking.
- Earning season is wrapping up.
- Notable strength in defensive XLU & XLP sectors
- Earnings from big retailers WMT & HD due out.
- Sell in May effect in play.
- RSI 59.99| VIX at 112.56 | 10 year 4.50%
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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.