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2024-11-05 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Who wants to be long into election day? That question pondered my mind couple of times today but here we are. Surprising bull strength. I said it was too soon for the bigger second bear leg down but today was also too strong for bulls at this point. No bigger opinion on today’s price action. Most markets traded back up to the 50% retracement and near their daily 20ema and that spot is as neutral as it gets. Still leaning more bearish than bullish and I would not be surprised if the Globex session sell this hard. sp500 e-mini futures comment: Bulls had a good day and a buy vacuum up to the 50% retracement and daily 20ema. Bears have to come up with something big to reverse this. On the daily chart you can see the candle bodies from 2 weeks ago stayed above 5830, which is my highest target for bulls for now. If they go above that, they might as well melt to the bear trend line 5870. current market cycle: trading range (chance that we are already in a bear trend is there) key levels: 5730 - 5840 bull case: Bulls want to get a measured move up from today, which would lead to 5900. For now I don’t think the odds are too good for that but today’s strength was also surprising. Above 5830 I think most bears will give up. Invalidation is below 5730. bear case: Bears have to defend their big leg down from last week and they should keep it below 5830. They could see this as a buy vacuum to test the daily 20ema and we go down from here. My W4 target from my weekly outlook was 5800, so we are still close enough for this to be correct. Invalidation is above 5830. short term: Leaning bearish if we stay below 5830. Want to see this reverse completely and then some. medium-long term - Update from 2024-10-13 : Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade: Nope trade of the day: Buying US open I guess.
CME_MINI:MES1!Short
by priceactiontds
Analysis: Key Levels to Watch for Short and Long OpportunitiesI'm watching the Nasdaq closely as it approaches a critical decision point. In this analysis, I’ll outline two potential scenarios, including both short and long trade ideas based on the confluence of key technical levels. Current Setup and Key Level: 20,320 Right now, the 20,320 level is my primary focus. This level aligns with: The 38.2% Fibonacci retracement of the recent downtrend, suggesting potential resistance. The VWAP (Volume-Weighted Average Price), which is acting as a dynamic resistance level. This confluence makes 20,320 a critical resistance zone, where the market might either reverse or push through, setting the tone for the next significant move. Scenario 1: Short Opportunity at 20,320 Resistance If the price approaches 20,320 and shows signs of rejection (like a bearish candle pattern), I’m looking to take a short position at this level. Here’s why: Fibonacci & VWAP Confluence: The alignment of the 38.2% Fib level with the VWAP reinforces this level as a strong potential resistance. Risk Management: I would place a stop-loss above the 50% Fib level (around 20,400) to manage risk if the price breaks higher. Targets: My initial target would be around the 20,000 level. If this breaks, I anticipate a stronger move downward due to potential stop-losses being triggered below 20,000 (more on that below). Note on Stop-Loss Clusters: I believe many traders might have their stops placed just below the 20,000 mark. If the price breaks below this level, we could see a quick, momentum-driven move lower as these stops are triggered, potentially driving price toward deeper levels. Scenario 2: Bullish Break Above 20,320 If the price breaks above 20,320 and holds above both the VWAP and the 38.2% Fib level, it could signal a bullish shift. Here’s what I’m looking for in this scenario: Confirmation Above VWAP and Fib Level: A strong break and close above these levels would indicate that bulls are taking control and might push for higher retracement levels. Potential Targets: In this scenario, I’d look for the price to move towards the 50% Fibonacci level (around 20,400) as the next resistance, followed by the 61.8% level near 20,500 if momentum holds. Invalidation for Shorts: A decisive break and hold above 20,320 would invalidate the short setup. If this happens, I’ll look for potential long entries on a pullback to the VWAP or 38.2% Fib as support, with stops below these levels to manage risk. Conclusion The 20,320 area is the key level to watch here, with potential for both short and long setups: Short Scenario: Look for rejection at 20,320 to target a move down to 20,000, with a possible extension lower if the 20,000 support breaks. Long Scenario: A break above 20,320 could open the door for further upside, with potential targets around 20,400 and 20,500. This setup combines technical indicators with price psychology, as stops clustered around the 20,000 level may drive significant moves if that support level is breached. I'll be monitoring how the price reacts to 20,320 closely for confirmation of either setup. Let me know if you see anything differently or if you have any questions. Happy trading!
CME_MINI:MNQZ2024
by natron
1
#202444 - priceactiontds - weekly update - sp500 e-mini futuresGood Evening and I hope you are well. tl;dr sp500: Bearish. 5730 was expected support and if bears are strong, 5800 stays resistance now. Expecting more sideways movement before another impulse down. Next target for bears is 5600 and bulls need a daily close above 5800. Thursday’s selling was strong enough for more downside but could also just have been distorted price action since it was end of the month. Friday was disappointing for bears already, which is why I think the selling is not as strong as hoped. Quote from last week: comment: Another disappointing week for the bulls. Big question now is the same as for dax and nq, was this the last before a deeper pullback or can we print 6000 before 5700? I don’t know and I am not going to pretend I do. Market is in breakout mode and the triangle has a bit more room to go. We simply need more price action because right now the market is in balance around 5870. comment: Reasoning here is almost identical to dax and nasdaq. Selling was strong enough for a second leg and a measured move leads down to 5555, which is near the 50% retracement. I won’t repeat the same stuff here what I wrote for dax. current market cycle: trading range key levels: 5700 - 6000 bull case: 6000 remains bulls target but if we get a daily close below 5700, we will likely see 5550 before 6000. If we stay above, we will continue sideways. Invalidation is below 5700. bear case: Bears need to keep the pullback shallow and probably below the daily ema 5830. If they manage, their next target is 5670 which is the weekly 20ema and below that is 5555 for the measured move target, 50% retracement and July low. Invalidation is above 5830. outlook last week: short term: Neutral. Bearish below 5820 for 5800, below 5800 we likely see 5730. Bullish above 5860 for 5880+ and above 5930 we will see 6000. → Last Sunday we traded 5846 and now we are at 5758. Outlook was ok. short term: Neutral until we break below 5700. I favor some more sideways movement before the second leg down but it should stay below 5830. medium-long term - Update from 2024-10-13: Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade: None chart update: Added current valid bear trend lines and a potential bearish wave series down to 5555.
CME_MINI:MES1!Short
by priceactiontds
2024-10-30 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Many bull trend lines are gone for good. Bears closed at the lows and they desperately need follow through tomorrow. If nq won’t keep the markets afloat tomorrow and drops below 20400, we will likely see a big sell off with 20200 or lower. Dax looks done, clear break of the trend line, swing shorts are juicy here. sp500 e-mini futures comment: Bull trend line is now also broken and once market prints below 5800, this is over until year end rally might try 6000 again. Same logic as dax but market is not as bearish after today. Bears need follow through below 5820 and then 5800, if they get it, buckle up. Bulls obviously want to reverse up like the past 2 weeks and trade above 5900 again. current market cycle: triangle probably broken - entering bigger trading range key levels: 5800 - 5870 bull case: Bulls need to stay above 5830 or we test 5820, followed by 5800. Today’s close does not look good. Before the close I heavily favored the bulls to reverse this again but then we saw couple of sell spikes which erased the previous lows. Market turns neutral again above 5865. Invalidation is below 5800. bear case: Bears need follow through. No surprise. 5800 is the target for tomorrow, once they get it, market is free to fall down to 5730-5740. Interesting day ahead of us. Invalidation is above 5920. short term: Leaning bearish if we stay below 5865. Best chance for bears in a long time. medium-long term - Update from 2024-10-13: Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade: Nope trade of the day: Selling 5880 and buying 5850 has been profitable for many days now. So it was today.
CME_MINI:MES1!Short
by priceactiontds
#202443 - priceactiontds - weekly update - sp500 e-mini futuresGood Evening and I hope you are well. tl;dr sp500 : Multiple ways to draw triangles and bull wedges on the daily chart. It has room to go more sideways but Friday’s reversal was so strong an market closed at the lows, that I think many bulls have enough reason to be disappointed and will exit once we break below 5800 and then we will likely see 5750 next. Above 5905 I am wrong and this will likely be the leg to 6000. Quote from last week: comment: Monday made the 50 points higher and that’s all bulls achieve last week. We had two pause bars on the daily chart with Tuesday and Thursday but that was not enough to put doubt in bulls minds that this rally is over. 6000 is the target and, same as dax, we will likely hit it one way or the other. comment: Another disappointing week for the bulls. Big question now is the same as for dax and nq, was this the last before a deeper pullback or can we print 6000 before 5700? I don’t know and I am not going to pretend I do. Market is in breakout mode and the triangle has a bit more room to go. We simply need more price action because right now the market is in balance around 5870. current market cycle: nested bull wedges and a minor triangle from past 2 weeks key levels: 5800 - 6000 bull case: 6000 is the target. Bulls now tried many times to break above 5930 but continue to fail. Same reasoning as for dax. Can the market find more buyers above 5900 next time we get there or do we have to pull back down to 5730 first? Until we see a daily close below 5800, bulls are still favored, since we are only closing above the daily 20ema. Invalidation is below 5800. bear case: Bears are printing weak bear bars and can not close below the daily ema. Pure guesswork as of now, which side will give up first. We will very likely get a bigger move next week, so don’t blow your account until then. If bears move strongly below 5800, 5730 is next and there it’s big decision time if we see 6000 or not. Invalidation is above 6050. outlook last week: short term: Neutral between 5870 - 5930 and bullish above 5930 for 6000. → Last Sunday we traded 5906 and now we are at 5846. Most of the week was neutral, and we closed just 60 points lower than last week. short term: Neutral. Bearish below 5820 for 5800, below 5800 we likely see 5730. Bullish above 5860 for 5880+ and above 5930 we will see 6000. medium-long term - Update from 2024-10-13: Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade: None chart update: Removed wave count
CME_MINI:MES1!
by priceactiontds
$spx going to 11k over the next 3 to 4 yearsIm expecting the current bull to continue for another few years, with a deep correction in between now and the expected target of 11 k, by 2028/29... From there I expect SP:SPX to enter a sideways bear market such as the ones of 68/75 and 2000/2009 in order to form the 4th base of the secular run since 1929 (shown the comments). Bears always get it wrong, because of their self-delusions about the world and often also themselves! It's bulls who - due to their prescience and foresight - actually get to foresee tops in the market. Bears never catch a top, if they do it's either by coincidence, luck or something a four year old could have seen, like the covid top... anyway... we see so much madness in the ideas section, it's even fun!
SP:SPX
by LotusTrading20
2024-10-22 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well. tl;dr Indexes - Sideways again. No deeper meaning to it. Nasdaq has not touched the daily 20ema over the last days but is creeping higher again. Lows are bought so it’s reasonable to expect bears to give up unless something unexpected happens (e.g. very bad earnings but the probability is very low). Bull wedge has not a lot of room anymore, so the odds of a big breakout, this week, are good. nasdaq e-mini futures comment : We are moving in a nested bull channel inside the bigger bull wedge. We are making higher highs and higher lows again but barely. Buying above 20500 has been unprofitable for a week now but also selling below 20400. One side will give up soon, can wait for the bigger breakout instead of trading this trading range. Having said that, bulls are still in control since bears could not even touch the daily ema for two weeks now. current market cycle: Bull trend (nested bull wedges) key levels: 20000 - 21000 bull case: Bulls grinding this higher again but we also see decent selling in between. It’s buy low and sell high inside the channel. Don’t overstay your welcome in positions and don’t bet on a breakout. Their next target is a breakout above the current channel and a retest of 20700. Above that they would need a daily close above 20700 and then market is free to retest 21000+ again. Invalidation is below 20300. bear case: Bears need a daily close below 20300. If they get that, next target would be 20200 and then they have a decent chance of testing 19900 again, where the bull trend line from August runs through. So even if they get all that, the downside is probably very limited for now. Invalidation is above 20700. short term: Neutral medium-long term: Very likely a retest of the ath before I expect a correction 10% or more, before another year end rally. I do think we see 21000 before we see 19600. current swing trade: Nope trade of the day: Buying the US open 20400 since previous support was 20340ish and upside potential was to 20500 at least.
CME_MINI:MNQ1!
by priceactiontds
2024-10-16 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Bears hoped for a second leg down and build decent selling pressure but bulls bought the dip. Nothing unexpected and we likely continue sideways at the highs until bears give up again or more bulls get exhausted and want to secure profits. Technically I expect another leg down but we could retest the highs first. Don’t overstay your welcome in positions. comment: 5850 was the low yesterday and bears could not break below. Weak bears gave up and we closed around the 50% pullback from Tuesday’s selling. Where does this leave us? Nowhere. 5890ish is the worst place to trade now because it’s the exact mid point of this trading range. Wait for strong momentum or until we reach one of the extremes again. These bullish earnings should have taken the market higher by now if you ask me. So there is a decent chance we are forming a credible top. 5850 - 5920 is the current range and until we see the MAG7 earnings, it probably won’t break out of it. current market cycle: bull trend (bull wedge) key levels: 5850 - 5920 bull case: Bulls bought the dip, no surprise there. They want 5900+ next and they will probably continue to buy 5850. No more magic to this. Since it was a bullish close, bulls are very slightly favored higher tomorrow but I would not buy 5886 right now. Invalidation is below 5850. bear case: Bears tried and failed. They have to make the market more neutral and trade sideways until more bulls want out of their position. BTFD is still strong. Anything above 5850 is bullish and bears have to scalp. Earnings will probably set the next impulse to either side. Invalidation is above 5920. short term: Neutral inside given range. medium-long term - Update from 2024-10-13: Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade: Nope trade of the day: Long the double bottom with yesterday’s low. Very obvious trade that worked greatly.
CME_MINI:MES1!
by priceactiontds
2024-10-14 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - In my weekly post yesterday I wrote “max bullish” a couple of times and I hope you did not short this today. Bulls are in absolute control and they have no reason to stop buying every small dip. You can not be a bear on the hope that this madness will stop eventually. It can go much further than you can imagine. Strong day, strong close, can only expect higher prices until bears print consecutive big bear bars on higher time frames. My best guess is still a blow-off top this week, which can mark the top before we see a bigger correction. Today felt like we are already in it. sp500 e-mini futures comment: Break above both bull wedges. Could this be a bull trap? I highly doubt that. 6000 will very likely be hit this year. current market cycle: max bullish key levels: 5860 - 6000 bull case: Bulls are in full control and we can only expect higher prices, given the strength of this follow through buying. We have a small channel which will likely break overnight and the next bull trend line is around 5890 already and aligns nicely with the 1h 20ema. Next obvious target is 6000. Invalidation is below 5880. bear case: Nothing really. Can they prevent 6000? Doubt it. Can they get a deeper pullback before we get there? Also doubt that. Anything below 5880 would surprise me. If they get it, 5850 is their next target and bigger support. Invalidation is above 6050. short term: Bullish af. Don’t look for shorts. Buy on pullbacks when bulls come around again. medium-long term - Update from 2024-10-13 : Very rough guess for the remaining trading weeks in 2024. Spike up, decent correction (~10%), nasty (blow off top) year end rally if earnings hold in Q4. Don’t trade based on that guess. current swing trade : None trade of the day: Globex oscillated around last week’s close and after bar 10 it could not even touch the 15m 20ema again. Could have bought anywhere and made money except 15m before US close.
CME_MINI:MES1!Long
by priceactiontds
2024-10-09 - priceactiontds - daily update - nasdaqGood evening and I hope you are well. tl;dr nasdaq - Same as dax for me. Strong breakout and I do think we will retest 21000. September high is 20537 and there is a possibility, this continues to be resistance ut given the current context, the bulls are favored for higher prices. comment : Nested bull wedges on the daily chart and the bear gap to 20650 is getting very small. Only resistance left is the September high 20537 and the current breakout looks strong enough to expect higher highs above it and likely a retest of 21000. current market cycle: Bull trend (nested bull wedges) key levels: 19800 - 21000 bull case: Bulls prevented the market to close below the daily 20ema for 6 days and today bears gave up. Market refuses to go down and now we will test higher again. Bulls have all the arguments on their side if they stay above 20200. Below their case gets shaky again. Invalidation is below 20260. bear case: Bears see the open bear gap to 20650 and the upper bull wedge line around that same price. They will likely try to fight the bulls around that area again but I don’t think they want to risk much at that level. Market refuses to go down and their next best level for good shorts is 21000. If you are looking hard for more bear arguments… Maybe that the current volume is utterly trash and on the 1h tf you have another bull wedge and we are at the high of it. Pullback could go as deep as 20300. Can bears hope for some hot CPI and jobless claims tomorrow? I doubt it but you should not be in positions when the news is released or have really wide stops for your swings. Invalidation is above 20520. short term: Max bullish if the pullback stays above 20300. Neutral below. medium-long term: Very likely a retest of the ath before I expect a correction 10% or more, before another year end rally. Embrace the volatility. current swing trade : Nope trade of the day: Long the opening reversal. Was too strong to now long it, no ifs or buts.
CME_MINI:MNQ1!Long
by priceactiontds
2024-10-07 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Bears stuffed the bullish price action from Friday with a decent bear bar closing on it’s low. Markets continue in their respective trading ranges near the highs and the daily ema have held again. If bears can generate follow through selling tomorrow, the highs could be in for now and we could see a deeper pullback. sp500 e-mini futures comment: 5750 - 5800 is my neutral range (written in my weekly update) and bears managed to get 5734 but could not close below the daily 20ema. To take control of the market, bears need follow through tomorrow below 5720 and a close below 5700 would be good for them. If they fail, bulls will buy it and we continue inside the range. current market cycle: nested bull wedges key levels : 5700 - 5850 bull case: Bulls have to stay above the daily 20ema or lose control, that’s their target for tomorrow. Since market is trading below the 1h 20ema, we will probably go more sideways during Globex and EU session before we see a bigger impulse again. Bulls still have the lower wedge bull trend line around 5700 and that would be their last stand before bears can take control and push this much lower again. Odds favor the bulls to stay above 5690 until we tested the trend line more than once. They rarely break on the second/third hit. Invalidation is below 5690. bear case: Bears want to trade below the daily ema and test the bull trend line around 5690-5700. We have spent enough time at the highs and a new impulse is around the corner. As of now I have no opinion where we might break out to. Bears can also make the case for a head & shoulders top and a measured move down would bring us to almost exactly the 50% pullback of the recent bull trend (5638ish). Coincidences eh. Invalidation is above 5850. short term: Neutral at the daily 20ema. It’s more reasonable to expect more sideways instead of a breakout. When it happens, watch for follow through before you join the trend. medium-long term - Update from 2024-09-22: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect at least 5300 to be hit again in 2024. current swing trade: Nope trade of the day : Globex was bearish enough and once market traded below the 1h 20ema, it could not stay above it for long. Overall I’d say it was a tricky day. Shorting inside the trading range bar 30 - 45 was not a good trade since market just went up and down inside the tight range. Bears showed some strength with bars 45 and 47. Can you then reliably short on bar 50? I doubt it. To weak of a signal and you have the bar 18 low, so you would be shorting low in a potential trading range. Bar 53 was even worse to short, since it was a perfect double bottom with bar 18. Bar 54 was the bar that surely made the market always-in-short and 55 was the give up bar but then market printed one more strong bear bar and reversed for 11 points, trapping late bears.
CME_MINI:MES1!
by priceactiontds
2024-10-01 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Bears tried and sold off for decent points but the close was not bearish enough to hurt the bulls or make them nervous. Bears are only able to get spike selling going but no or bad follow through. Neutral going into tomorrow since most daily bear bars have big tails below them. Bulls are still in BTFD mode and we could easily test the highs again. sp500 e-mini futures bear case: Bears Need a lower low below the previous daily bar. Once they start getting that and make the market go sideways instead of up, they can start talking. Good for them is, that we barely move higher but we sure as shit are not moving lower either. Once bulls stop buying the highs, a decent pullback can easily get us to the daily ema down to 5730. From my weekly update comment: I promised an early breakout this week and we got one. Bears sold off decently today but the close was not strong enough. We almost touched the daily 20ema at 5725 and it’s more likely it will produce another pullback than breaking on the first or second try after such a strong rally the past 3 weeks. current market cycle: trading range (bull wedge - minor bull wedge broke and we have the bigger one left) key levels: 5700 - 5800 bull case : Bulls want to keep the market two sided and stay above 5700. They are still in BTFD mode and happily bought the first touch of the daily 20ema for 3 weeks. Their next target is to trade above the sell spike at 5815 because most bears will have their stop around that area. Invalidation is below 5700. bear case: Bears either keep it below 5780 or many will give up and will only try around 5800 again. The 50% pullback from today is around 5772 and bears stepped in again around that price. If bears can keep the 1h 20ema resistance, it would help their case a lot but they only have confirmation below 5733 and today they only got rejected big time below 5750. The selling was certainly strong enough to expect a second leg and a measured move could get us to 5670ish and near the lower bull wedge trend line. Invalidation is above 5785. short term: Neutral for now. I hope for a second leg but the 1h bars today were not good for the bears. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Nope trade of the day: US open was almost the high tick of the day. Happens not that often. Selling around the open was strong enough but most of the time you get an opening reversal. So overall very trick to sell this today while the spike was happening. Buying 5740 was profitable 4 times and the easier trade.
CME_MINI:MES1!
by priceactiontds
2024-09-25 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well. tl;dr Indexes - Yesterday I promised you the breakout on Thursday and boi did we get one today. Problem for the bulls is, that they could not trap bears and they also could not close at the highs. That means, that the directional probability up or down is once again 50/50 (neutral). Most bull channels and wedges are still valid but if bears would have given up, we would not have seen 50-75% retracements of the leg up. Still bullish until bears print lower lows. nasdaq e-mini futures comment : Current narrative is that hedge funds are continuing to sell tech. You don’t need to know that. You can see it on the chart. The bear gap got smaller but is still open while other markets making daily new ath. Given the current overall market environment, I doubt bears can keep this selling up and market below 20600. Bulls printed the 4th consecutive daily bull bar. At some point one side will give up and I heavily favor the bulls. Bulls had the strong Globex bull breakout but the selling spike from the US open was unexpected and a big surprise in strength. Bulls pulled back exactly to the 50% retracement afterwards. Key level for more upside or more downside. current market cycle: Most dominant pattern is the broad bull channel and the nested bull wedge with the August and September lows. key levels: 20000 - 21600 bull case: Bulls want the retest of 21215 and have all the arguments on their side, once they close the bear gap to 20670. We are in W3 of this current bull trend and the measured move from W1 is around 21000. If you only look at the daily chart, do you honestly go “I want to sell this”. Ofc not. You want to get long. Only below 20000 many bulls will begin to doubt the strength of this move up. Invalidation is below 20000. bear case: Bear gap is the last argument for the bears but it’s so weak, I expect a give up bar tomorrow to close this week max bullish and have a clear buy signal going into next week. Not saying bears can not have a miracle reversal like they did on 2024-07-11 or 2024-08-22. Invalidation is above 19670. short term: Max bullish if we stay above 20000. Targets above are 19700 and then 21000/21215. medium-long term: Outlook was wrong. Bulls are currently having another shot at retesting the peak bubble highs to make another one. If we get there, it could be the short of a decade opportunity. current swing trade: Nope trade of the day : Long during Globex obviously where market held above the 5m 20ema for 270 points. Selling the US open was obviously the best trade but difficult imo. Market rallied so hard, that strong of a reversal is not common.
CME_MINI:MNQ1!Long
by priceactiontds
2024-09-18 - priceactiontds - daily update - sp500Good Evening and I hope you are well. sp500 e-mini futures comment : Look at the daily chart and then you can’t be anything but neutral after yesterday and today. Consecutive doji bars with huge tails above and minor tails below. I don’t care about the new ath on the cash index since I trade the chart in front of me and that’s where the ath was in July and due to contract switch it’s now at 5782 while today hit 5756. The high was high enough to qualify as a tripple top now and we can sell off or make a new one above 5800. The dominant feature is the bull wedge and we are kinda closer to the middle than to the top or bottom. I can see this going either way to be honest. Ask yourself this, has the market a reason to sell off right now after the big rate cut? Answer was no before and definitely no after the cut. Does not mean it can not happen anyway. current market cycle: trading range (bull wedge) key levels: 5660 - 5800 bull case: Bulls made another higher high and a higher low. Does not look that good for bulls to buy the close 5680 but it sure as hell does not look bearish. As long as support and resistance are holding, I lean bullish and scalp long. Market is still trading above the 4h 20ema and obviously the daily, so bulls remain in control. Obvious targets above are 5782 and then 5800. Invalidation is below 5665. bear case: Bears need a lower low below 5665 and that’s they only target for now. Until they can achieve that, they have no good arguments on their side. I do think market will spend some more time in this area before we see another breakout. If bears would get below 5665, their next target is the daily 20ema at 5640 and below that is the bull trend line around 5570. Invalidation is above 5810. short term: Neutral between 5665 - 5782. Big range but that’s today’s range where we wildly went up and down multiple times. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Nope trade of the day: Buying 5690 and selling 5720 but you needed wide stops to trade this.
CME_MINI:MES1!
by priceactiontds
2024-09-16 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Since today was a very slow day, my weekly update is more interesting than today’s daily update (in case you haven’t read it). Indexes - Disappointment for the bulls was my assumption for today and that we got. Boring sideways movement in tight trading ranges. DJI was the only market with strength, printing a new ath but closing below 41700, so probably mostly a liquidity grap. Wednesday we have FOMC and I don’t expect markets to move far away from their current ranges. sp500 e-mini futures comment: Small green doji on the daily chart. Not much to comment about. Market closed 11 points above the open price and mean reversion was profitable today. I expect the triangle on the daily to hold until FOMC. current market cycle: trading range (triangle) key levels: 5400 -5670 bull case: Please see my weekly update. Invalidation is below 5540. bear case: Bears got 1 decent bear bar on the 1h chart and bulls bought it. Until bears can print 3-4 consecutive bear bars on the 1h tf, they have nothing going for them. Best they can hope for is to stay below 5670 Invalidation is above 5670. short term: Neutral between 5600-5670 and I don’t expect a break of this range until FOMC. medium-long term - Update from 2024-09-01 : Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Nope trade of the day: Buying bar 39 low was perfect but any bar from 39-46 was ok. Market clearly did not want to go lower then open price is always an obvious magnet on ranging days.
CME_MINI:MES1!
by priceactiontds
#202438 - priceactiontds - weekly update - sp500Good Evening and I hope you are well. tl;dr sp500: Neutral. Big triangle on the daily chart and we are 40 points below the previous big resistance. Resistance is just that until clearly broken. Sideways movement between 5400 - 5670 is more likely than a new ath above 5721. If bulls break above 5670, a new ath becomes more likely and bellow 5550 I think the bears are favored again, at least for 5400. Quote from last week: comment: Strong bearish momentum is what we got with the bearish engulfing candle on Monday and market never looked back. 50% pullback is almost exactly at Friday’s close and if we get a pullback before 5200, it will be here. What are the chances? No idea, so every time that is so, it’s 50/50. Absolutely favoring the bears to continue down to 5200, with or without pullback. So if we get one, I will load on swing shorts. comment: Favored the bears last week and wanted to load on shorts on this pullback but bears were practically gone, so no shorts for me. Lower highs and higher lows. Triangle on the daily chart until broken. Not much difference to the other indexes. Above 5670 bulls are favored for 5700+ and maybe a new ath and bears would need a strong reversal below 5650 for bulls to cover their longs again. Similar to 2024-09-03 where bears printed a huge bearish engulfing bar, that is that they would need here as well. current market cycle: trading range (triangle) key levels: 5400 - 5700 bull case: Traps on both sides and 5630 is a very good place to trap bulls again, like they did 2 weeks ago. Not much more to say other what I wrote in my comment. Bulls are slightly favored here until bears come around again but buying above 5600 right now is a bad trade, no matter how you put it. If bulls get follow through on Monday, I join them but no earlier. Invalidation is below 5500. bear case: Bears need to keep this a lower high or probably face a new ath test. Since bulls printed a 5 bar micro channel last week, bears have no good arguments until they print a bear bar on the daily chart. Market is undecided and erratic, don’t overstay your welcome to either side. If we see 5700+ next week, I will think deeply about when and where to short. Last time we hit 5700, market spent 5 days around that price before turning down hard for 10%. Invalidation is above 5670. outlook last week: short term: Full bear mode and yet we could get a 100+ point pullback. So shorting 5419 is not advisable as of now. Wait for bears to come around again. If bulls can get to 5500 again, look for a reversal and then you could load up on shorts. I do think it’s more likely that we will make high lows instead of lower lows and form a triangle. → Last Sunday we traded 5419 and now we are at 5629. I warned against being bearish at the lows and wait for a pullback. Pullback was way stronger than expected so meh outlook. short term : Neutral between 5400 - 5670. I slightly favor the bears when they print a good bear bar on Monday because of the triangle. Above 5670 I scalp long and see how high we can get. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: None. chart update: Removed the ABC correction and added the bull wedge.
CME_MINI:MES1!
by priceactiontds
2024-09-12 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Strong follow through by the bulls after another nasty bear trap. On lower time frames we got some sell spikes but mostly due to bulls taking profits and not strong bears shorting. Bullish price action can’t be denied and on the daily charts we are moving closer to the shallow bear trend lines from the ath and we are mostly inside triangles. Daily charts tell the story and it’s bullish so we can’t expect a strong bear reversal tomorrow. sp500 e-mini futures comment: Triangle is still my preferred pattern for now. Tomorrow we could see 5640 but anything above is uncertain. At that level I would get out of most longs. Currently I don’t have any interest in selling, since we have seen many bear traps. Today bears could not close a 1h bar below the 20ema, so look how market behaves if we get there again tomorrow. Buy on strength and don’t get fooled into shorts on strong selling. It was strong but disappeared in an instance and bulls melted higher again. current market cycle: t rading range and also minor bull trend inside since we are making higher lows and higher highs key levels: 5400 -5650 bull case: Bulls bought 5550 until bears gave up. The selling around the open was strong enough to trap many bears and that’s why the move up was so violent again. Bulls are in full control until we make lower lows again. Targets above are obvious. Next one is open of the month + high of the month around 5670 and above that is the ath 5721. Last time we got above 5600, market did go sideways for 10 days and this time we could see a breakout above or below somewhat faster. Invalidation is below 5540. bear case: Bears tried to keep it below 5580 but since they could not close below the 1h for 3h, they gave up and market moved up in a perfect small pullback bull trend which held above the 1m 20ema for an hour and 35 points. So what’s next for bears? Do or die moment around 5650 to keep it a lower high. If they fail, we most likely print a new ath. Rough guess is that bears won’t try to close the week with a red bar but just keep it below 5670. Invalidation is above 5670. short term: Max bullishness as long as the 1h 20ema is not broken and until we hit 5650/5660. I’d close longs there on any weakness and probably won’t do anything until next week. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Only intraday scalps currently. Still think next 500 points are made to the downside and not up. trade of the day: Buying the bear trap on the US open was as perfect of a trade as it gets.
CME_MINI:MES1!Long
by priceactiontds