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2024-06-17 - a weekly price action market recap and outlook - nqGood Evening and I hope you are well. Nasdaq. 20000. What else can you say. The AI bubble will be in the history books and Michael Lewis will write a book about the insanity that’s going on. I sincerely hope they bring the exact cast back from the big short. You can quote me on this one. Over the next months, you will read about companies cutting back on spending, especially on AI since it’s expensive af and not bringing in any money. Nvidia will probably be halved somewhere in 2025/2026 so stock should hit around 65ish. Monthly ema is at 60. I looked that up after I wrote the halving part. comment: Let’s review this weekly painting, now that we finally reached 20000. All bullish targets are met, the upper bull channel is broken and I expect this to be a bull trap rather than a breakout above with follow through. If nq trades above 20100, I am obviously wrong. Last two times we reached new highs we sold off for a couple of weeks and this is what I expect this time as well. Market will most likely pull back from here and then retest the ath again before we trade back to the smaller bull channel around 18500 or lower. current market cycle: 20000. Get a tattoo of that. key levels: 18000 - 20000 bull case: Bulls outdid themselves on this one. One for the history books. Can they get higher? Sure but I doubt it. Have nothing for them in this section. Move on. Invalidation is below 19000. bear case: Let’s see if they appear tomorrow. We should see a decent pullback to at least 19500 over the next days, follow by a retest of the ath, which should fail. A bigger two-legged correction should get us down to 18500 over the next days/weeks. On the bigger time frame all my bullish targets are met and all wave series ended between 19000 and 20000. Got nothing for the bulls here. Invalidation is above 20100. short term: Who buy’s this above 20000? Let’s see tomorrow. If they actually do, no idea where it can go. I expect a pullback to 19500 and the daily 20ema. medium-long term: This climactic blow off top was the grand finale of this bull trend. Perfect break above multiple patterns which I expect is a bull trap and we will test the various support lines next before the new bear trend will unfold over the next 3-9 months. current swing trade: Short 20000 until bulls manage to break 20100 or big profits. I will take profits and add to this position along the way. Chart update: This is my best guess on how the next 3-9 months will play out. Gave all the reasons above.
CME_MINI:MNQ1!Short
by priceactiontds
3
#202425 - a weekly price action market recap and outlook - sp500Good Day and I hope you are well. sp500 e-mini futures Quote from last week: bear case: Bears are still inside the bull flag and making lower lows. As long as they are staying below 5310-5320, their bear case lives on but is weak at best. They could not get consecutive daily closes below the daily ema and the reversal on Friday made the daily, weekly and monthly bar more buying than selling signals. You could argue that we are building a similar structure to April, where we had the double top and then only lower highs until bears finally accelerated it down big time and we got below 5000. Could this happen here too? Of course. We will find out on Monday or Tuesday. comment: My take last week was, that as long as bears keep it below 5400, we could be in a trading range. Bulls used the pullback on Tuesday for a new ath and got a strong follow through on Wednesday to pulverize that previous ath and trade above 5500. That target price was my first measured move target from early 2024 and it could continue up to 5600. Market refused to print a bear bar on Thursday and Friday which leaves the market maximum bullish going into next week. The big issue with that long trade is, you are buying right under the ath in a buy climax, in multiple wedges, far far above any ema. This trade risk:reward equation is as bad as it gets but the probability is high. But what is your target? You can join momentum but all of my calculated targets end at around 5600. Buying pullbacks is the reasonable thing to do until it stops working. My final thoughts on the market this week is the following chart, which speaks for itself. This is peak bubble behavior and the next 1000-2000 Points will be made on the downside. So given the current pattern of the s&p500 I do think we are in the last blow-off top of this bull cycle and will enter a trading range which will evolve into the new bear trend once we break below 5000. This market is made up of 7 stocks which get all the liquidity. My best guess on the path forward over the next months is in the weekly chart below. We will probably spend more time between 5000 - 5600 to form a credible top. A head & shoulders top would be the most probable outcome. current market cycle: Max bullishness & peak bubble territory again. Will end over the next weeks. key levels: 5400 - 5600 bull case: Bulls buying it all on the 7 stocks. Volume on this up move since May is absolute atrocious but that does not help anyone so far. It’s only going up and as long as bulls keep making money literally buying every dip, we continue up. I have 3 wave series leading up to 5500-5600 and all end there. Invalidation is below 5300. bear case: What do the bears have going for them? Nothing and if anything, pure speculation and low probability stuff. The chart is showing multiple wedges, we are clearly in multiple third pushes up (W5) and volume is drying up. Once the institutions begin taking profits on the magnificent 7, we will see big moves down to end the trend and enter a trading range. The bull trend line around 5300 will be hit in the next 2-4 weeks and afterwards I think we will form a lower high before we will be on our way to 5000 again. As of now I think bears want to see a big climactic bull bar to 5600 before they begin shorting again. Invalidation is above 5620. outlook last week: “Bullish above 5320 for another leg up to 5500 or higher but only if it happens until end of Tuesday.” → Last Sunday we traded 5355 and now we are at 5502. 5500 was my target if bulls trade above 5400 and I hope you made some of those 100 points. Good outlook it was. short term: No interest in buying here unless it’s a momentum scalp. I will look for weakness and a trade back to a test of the daily 20ema which is around 5400. Bulls are still heavily favored in terms of probability. medium-long term: Bull trend is in the last legs and this will soon pull back much further and form a big trading range. 5600 could be hit but the next bigger points are made trading back down to 5300 and 5000 over the next weeks/months. current swing trade: None Chart update: This is my best guess on how the next 3-9 months will play out. Two-legged correction down to 5000 over the next 4-8 weeks, followed by a last lower high before the next big bear trend will begin. That’s only price-wise but not time wise. Could get there much faster or much slower.
CME_MINI:MES1!
by priceactiontds
2024-06-13 - a daily price action after hour update - sp500Good Evening and I hope you are well. sp500 e-mini futures comment: Two legs down from the open to then 3ish legs up to close right under the open price. Market is staying up here which is maximum bullish going into Friday. My target remains 5600 and there is absolutely no reason what so ever, that we can’t print another 100 points up tomorrow. Anything below 5470 would surprise me big time. Bears have no reason to sell this and bulls are making money buying every tick of a dip. current market cycle: bull trend key levels: 5470 - 5600 bull case: 5472 was a bit lower than expected but who cares, bulls buy it all. Just do the same. For tomorrow I will only look which ema is respected the most to go max long over the day. Invalidation is below 5470. bear case: If bears actually somehow manage to print a lower low below 5470, consider me surprised and I will rethink my plan but for now, bears are scalping as long as they have momentum, when it’s gone, they are out and bulls just print green bars. Invalidation is above 5520. short term: As bullish as one can be. Ride it up. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next weeks. current swing trade: None trade of the day: Market just oscillated around 5500 the whole day. 5486 is big support and was a good buy yesterday and naturally so today if you chose a wider stop or waited for consecutive bull bars.
CME_MINI:MES1!Long
by priceactiontds
2
2024-06-12 - a daily price action after hour update - sp500Good Evening and I hope you are well. overall market comment What a time to be alive. Bulls got another huge breakout to the upside which opens new targets above. There is a reasonable chance that this bubble continues much further than anyone could ever dream of, just like all the Nvidia employee’s who sold their stock < 100. Couple more days and half of the sp500 will be made of 7 companies. Bears are not getting any help from the news side and bulls are just peak euphoric. Buying everything anytime is making money, so this will continue until it stops. Dax, Russel2000 and DJI are not participating which speaks to the concentration of the price advances to a small basket of stocks. Commodities had big reversal days, producing bad looking bull bars on the daily chart. Gold was rejected at the daily 20ema and Oil reversed after peaking above the bear trend line from April. I expect more weakness tomorrow. sp500 e-mini futures comment: My daily chart is ugly, yes i know. Works though. I have painted 3 wave series for you, which all end around 5500-5600. I won’t write more about this. current market cycle: bull trend key levels: 5300 - 5600 bull case: Bulls did it again. A minor pull-back is expected though. Given that tomorrow is Friday, I would not be surprised if we do another 1-2% day to just get this bull trend over with. Straight melt up. Anything below 5360 would be a huge surprise. Invalidation is below 5360. bear case: CPI came in soft and the FED is not having any effect on markets currently. Melt up was inevitable. Bears not doing anything and waiting for more bulls to show signs of exhaustion and profit taking. 5500-5600 is where I expect selling pressure to rise again. The 38 point drop from ath 5454 was a bit unexpected tbh but the 1h ema held. Invalidation is above 5460. short term: As long was the 1h ema holds and market stays above 5400, it’s max bullishness. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. —unchanged current swing trade: None trade of the day: Just higher lows since Globex, market showed signs of knowing the CPI print, because it went max long into the release and every one tick dip was bought.
CME_MINI:MES1!Long
by priceactiontds
2024-06-11 - a daily price action after hour update - sp500Good Evening and I hope you are well. overall market comment Dax continues with daily new lows in a two-sided market. Nasdaq made another ath 48 points higher and broke above it’s wedge. Mixed markets going into tomorrows CPI and FOMC releases. I expect nothing less of a firework to either direction. For sp500 and nasdaq I expect a complete blow-off top if CPI is not really hot and then only Jpow can save the bears. For nasdaq at this point the 20000 target is absolutely reasonable and in reach. If the numbers align tomorrow, we will see more bear slaughter. Commodities had a trading range day. Gold is trying to grind higher but new highs get sold off hard on bigger volume and oil is keeping it above 77, which is very bullish imo. Bulls can probably get another leg up to 80 again. sp500 e-mini futures comment: Bulls got their big leg up to a new ath again. It’s still not breaking clearly above 5400, which would make all bears capitulate so we can melt to 5500 or higher. It’s a clear trading range with small higher highs. Everything below 5340 is bought, so you know exactly where to buy. current market cycle: trading range key levels: 5330 - 5387 bull case: Again, I can not go full-bull because we are still inside the trading range. Tomorrow will bring a big move to either side. Bull targets have been in my weekly chart for many months now. On the daily chart you can draw multiple bull wedges and market broke above the smallest today. Confirmation would be above 5400. Invalidation is below 5360. bear case: Bears had a rather strong EU session but bulls gave em the finger with bar 10 and a 40 point reversal. They need to keep it below 5400 or I think many stops will be triggered and bears will give up. If bears get help from CPI or Jpow tomorrow, 5300 is the obvious first target and below that comes last week’s low 5200. TBH I can see a move down to 5155, which is the 50% pb from this trading range 4935 - 5385. If CPI prints hot and Jpow hammers on top, the market will have to react because it is not positioned for any risk what so ever. Invalidation is above 5400. short term: Bearish here at 5386 for at least 5355 again. Invalid above 5400. Don’t trade tomorrow’s news events. It’s mostly gambling. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. —unchanged current swing trade: None trade of the day: Long 5340 or since bar 10. No if’s or buts. Has worked the last days so expect it to work again until it clearly stops working.
CME_MINI:MES1!
by priceactiontds
#202424 - a weekly price action market recap and outlook - sp500Good Evening and I hope you are well. sp500 e-mini futures Quote from last week: bear case: Bears are still inside the bull flag and making lower lows. As long as they are staying below 5310-5320, their bear case lives on but is weak at best. They could not get consecutive daily closes below the daily ema and the reversal on Friday made the daily, weekly and monthly bar more buying than selling signals. You could argue that we are building a similar structure to April, where we had the double top and then only lower highs until bears finally accelerated it down big time and we got below 5000. Could this happen here too? Of course. We will find out on Monday or Tuesday. comment: Monday and Tuesday were bullish dojis on the daily chart but bears finally gave up on Wednesday where we did all of the points gained for last week. I said that the bear case was weak at best and that stays the same, until bears will get below the breakout bar and price of 5300. That levels needs to become resistance, for bears to have a shot. I do think the price action speaks more of a leg inside a trading range and we just made a higher high, but if bulls can get above 5400, that take is wrong and we are in W5 which could bring us to 5500/5600. current market cycle: Bull trend or trading range. It’s unclear. We do not get consecutive bull trend bars on the daily chart since first half of May. The daily chart makes higher prices but only through spikes, followed by pull-backs or dojis. This is not behaving like a leg in a strong bull trend. key levels: 5300 - 5400 bull case: Market refuses to go down but it’s not as bullish as it seems. A deeper pull-back is around the corner imo. Bulls are still in full control and could get another spike up, if market chooses to front-run the events or interpret the news as bullish. Chart is clear imo, W5 can lead to 5500 or higher but for that to happen, bulls need a strong break above this wedge top. Invalidation is below 5300. bear case: Bears gave up on Wednesday after trying on Monday and Tuesday. The only thing they had going for them over the last 15 weeks was, that they kept weekly closes below 5300, which should have been bigger resistance. Looking at the weekly and monthly chart, it’s just bullish, despite the up moves getting weaker and bulls only get single spikes and no follow through. No matter if we get a W5 up, market will have a deeper pull-back like the one from April to below 5000. We will at least touch the bull trend line again over the next couple of weeks, if not break it. Bears need consecutive daily closes below 5300 for that to happen. Invalidation is above 5400. outlook last week: “ Neutral until bulls get follow through. I do think bulls are favored but we are right at the upper bull flag line and it’s a weak bear trend inside this bull flag until bulls stop the lower lows and make higher highs again. ” → Last Sunday we traded 5295 and now we are at 5355. 5260 was my target for the bears and the weekly low as 5246. The lows held and bulls pushed it above 5350, which was my bullish target. So both prices I laid out got hit. short term: Bullish above 5320 for another leg up to 5500 or higher but only if it happens until end of Tuesday. medium-long term: Trading Range until 5000 is clearly broken and has turned resistance. If bulls can break strongly above 5350, it’s obviously a continuation of the bull trend and my next target would be 5500/5560. —unchanged current swing trade: Not interested in buying up here, except intraday scalps. If CPI comes in hot, I will initiate new long term shorts. Chart update: Removed the bull flag, that’s it.
CME_MINI:MES1!
by priceactiontds
2024-06-06 - a daily price action after hour update - sp500 e-mGood Evening and I hope you are well. sp500 e-mini futures comment: Very similar to nasdaq so if you are a regular reader, I won’t bore you with a long talk about trading ranges. Bears showed some strength from bar 36 - 53 but bulls are still in BTFD mode and as long as that is profitable, this is what they will continue to do. Bulls are in full control and found acceptance at the highs today. current market cycle: trading range key levels: 5320 - 5373 bull case: I think the first time I calculated the 5560 target for sp500 was in February or something. I did not believe we could get there but here we are. If bulls get another break above the current ath and 5400, we can absolutely get there rather sooner than later. Bulls will continue to try buying every dip and it’s just a matter of bears giving up again. Bull trend lines are alive and well and there is no reason for bulls to exit longs. I think they want to keep it above 5350 or bears might think they have a chance. Invalidation is below 5320. bear case: Bears tried and failed, twice. Two-legged moves inside trading ranges are the norm, so everything was in order today for the bulls. Bears are in pain and if bulls can get another strong momentum rally above 5373, we can see capitulation again. If bears manage to somehow break the drawn bull trend line and get strong closes below 5350, we could see 5300. Invalidation is above 5400. short term: Full bull until clear trend-line break and prices below 5350. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. —unchanged current swing trade: None trade of the day: 5370 was rejected many times today, was good for short scalps. Other than that, very tricky day. Buying bar 49 was reasonable but bar 53 was a very big surprise which got many stops. Losing is part of this game, accept it and make peace with it.
CME_MINI:MES1!Long
by priceactiontds
Trade Like A Sniper - Episode 9 - NQ1- (31st May 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions. A couple of things to note: - I cannot see news events. - I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range. - I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks In this session I will be analyzing E-mini NASDAQ, starting from the Weekly chart. - R2F
CME_MINI:NQ1!Education
by Road_2_Funded
S&P-500 E-Mini: Full Fibonacci SchematicsThis is a completely full and completed schematic of CME's E-mini S&P 500 Contract. This contract started in 1997 so there are decades of data not accounted for on the real chart. However, these are just as viable and important as the Standard & Poors 500 Indice. Let us take a look at the separate (chronological) boxes and understand what they are... #1 is VERY IMPORTANT as this has the first pair of Fib Spikes for ES1 which are the red and white lines coming across the chart. ALSO, we see an extension from the COVID low ( YELLOW ) and this extension exactly determined the high at 4800 and the approximate bottom. #1 and #3 also have two up schematics in RED originating from the local low from 3500. These are VERY IMPORTANT SCHEMATICS IN 1 and 3. #2 and #4 are the first two pairs of Fibonacci Extensions for ES1. In both, we have fib forks. In #4 there are 2 of the forks. ( yellow and white ) #3, #5, #6, and #7 are the start of the next structured schematic. #3 contains the second set of fib forks for ES1. 5, 6, and 7 are all from the same structure but have completely different schematics. #7 Contains a very important schematic of Fib Forks stemming from the inception of ES1. (YELLOW) #8 is a formation from the COVID lows of 2020. We see the third set of Fib Spikes/Forks on ES1 here and also a Fib Schematic too. One piece of the schematic is in #1 in YELLOW and is a very important extension. It belongs in #8 but I have it in #1 because it has shown its utility.
CME_MINI:ES1!Long
by MichaelBsul
3