S&P 500 Time for Correction?This may not age well, due to the extent the markets and the plunge protection team manipulate these markets, but the S&P 500 is at all time highs, and there is the potential we are are a double top . This is just a warning to be on high alert. We made a new all time high, then fell back below, so I am watching to see if the 2950 area begins to act as resistance now on the S&P . If so, this could be bearish , and a signal of a larger correction coming. Next resistance likely would be the 3000 area if we continue to push higher.
Eminisp
E-Mini 500After a concerted move down yesterday, the ES! tried to reverse the downturn overnight on reducing volume. It has mainly trade above the VWAP however, the overnight POC has been below yesterday’s. This could mean that price needs to come back and test the overnight POC or low before continuing up. After yesterday’s move, the price could just oscillate within the range as traders ‘wait and see’.
Wait for the initial balance to be established (1hour) before taking a position.
E-Mini S&P LongOvernight price action was within yesterday’s value area. Overnight high tested Wednesday’s VPOC and price came down and has taken out Asian low. With overnight VPOC just above yesterday’s.
Economic figures out earlier were worse than expected, however had little effect on price. The main driver is the US-China trade decision. All things being equal price is poised to go higher.
E-Mini S&POvernight price has been confined below yesterday's POC, around the value area low. Price rejected the low pricing. During London morning session, price still undecided. Positive GDP figures pushed up price.
I am expecting price to test overnight highs and lows, and possible yesterday’s low, before going up to take out the weekly high.
A couple of figures still to come out. Still more earnings to come today
Allow NY open initial balance to set direction before taking any trades.