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S&P 500 E-Mini Futures

ES Levels & Targets for July 22ndPlan for Monday: supports are 5542-44 (major), 5535, 5528 (major), 5519, 5511, 5498-5500 (major), 5491 (major), 5484, 5474 (major), 5467, 5457 (major) It should go without saying, as I have emphasized since Wednesday: Bears are still in control until we see a significant reclaim of key breakdown points from last week. Hopefully, last week served as a valuable lesson in trading downtrends, as these skills have likely dulled over recent months. When bears are in control, all long positions will struggle, regardless of their apparent strength, and follow-through will be weak. Attempting to catch sustained bottoms is as useless as trying to pick sustained tops during an uptrend. While there are opportunities for gains on the long side, they won't last or lead to a squeeze until ES recovers some major resistance levels. For Monday, these will be 5568, and 5604 (the big one now). In terms of supports, 5542-44 is first down, and we already tested it and defended once Friday, making it weaker for Monday. I won’t be buying this again personally. If we flush it and reclaim though, it may present an option to add since this lvl hasnt trapped shorts yet. Below there, we sell again to 5528. I’d be interested in trying a small size long here. Could it fail? Of course, but that is just the cost of business when trying to long in downtrends. If that goes, I am not interested in longing again until 5498-5500, and a failed breakdown of the July second low at 5502 would be quite attractive. Resistances are 5552, 5560, 5568-66 (major), 5575, 5581-85 (major), 5588, 5598, 5604 (major), 5611, 5617 (major), 5621, 5632-34 (major). If buyers reclaim 5568-66 on Monday, we will probably squeeze. 5604 may have another dip left in it if we get there (though this is already very well tested), and the 5630-32 area also is likely to produce a dip on the backtest. Buyers case: sellers control for now obviously and there is no “buyers case” until they do something to tell me otherwise. There are many overhead resistances that must reclaim now to build back a legitimate buyers case (5568, 5604, then 5630), with 5568 being first up. There may be a long available above this. But you will have to read the action in real time. As always, one does not want to rush into it especially if we dip substantially first (like crash to 5528 early on Monday). You want to see some acceptance first, then perhaps 5569 would represent a long. If buyers are very motivated, this would send us back to 5604, dip there, then run back to 5630 which is a huge resistance. Level to level profit takes though as always. Do not bank on any long working for more than a level. Sellers case: The bear case is the default case. For Monday, this resumes on the failure of 5542. Check my July 19th plan on these type of trade setups. 5542 has been tested once already, so shorting below is slightly derisked now, but ideally I’d want to see one more test/failed breakdown, then 5540 would trigger us down. Will have to read the volume in real time. 5528 fail is also a possible attractive short, but I’d definitely need a bounce here first/failed breakdown, then short a little below. Generally, after three days of "short the pop," sellers still have control. This trend will inevitably conclude like every dip does, with a violent short squeeze. For that to happen though, buyers need to reclaim some major resistance levels. My outlook for Monday is that if buyers can defend 5542 (and if we do dip, it should be a quick flush to 5528 then recover), we can attempt another relief pop to 5585, 5604+. If 5528 fails, we are likely heading sub 5500.
CME_MINI:ES1!
by ESMorg
Keep It Serious Simple (S&P and Nasdaq Correction Levels)A quick video to summarize the hours and hours of live sessions I run each and every week. Everybody is scared and nervous when the market is falling because bull market geniuses love to see ATH's every single day :) I see simple wave structure on S&P and Nasdaq. 5th wave completion and a likely ABC or 123 correction. S&P 7-12% correction area, Nasdaq 10-15% correction area. I'm not bearish, but I am hedged for downside pressure. If it never materializes, cool. But if it does, I would like to make some money and mitigate the risk. I'll do more of these day to day or week to week. You can find me in the trenches Monday-Friday. Happy Trading and Lots of Profits!!!
SP:SPX
by ChrisPulver
$ES top in?We got a large reversal today which makes me think that top is in for this cycle. As you can see from the chart, price went over resistance and closed back below it which is extremely bearish. From here, I think we'll see a move down to the first support at $4800, then I think it's likely that we bounce higher to make people think we're going to see another move higher, but instead of having a sustained trend, we'll roll over down to new lows. My base case is that we'll see the lowest supports at $2750-2900 before we see any sustainable bull market trend form. Let's see how it plays out.
CME_MINI:ES1!Short
by benjihyam
ES levels & targets July 19thPlan for Friday: supports are 5585 (major), 5575, 5566-68 (major), 5558, 5553, 5542 (major), 5534, 5527, 5519 (major), 5511, 5502 (major), 5491, 5482 (major). With the short idea at 5628 working so well today and bringing us down past 5585, I’ve decided to add a small long late day on the 5585 reclaim, seeing us put in a nice late day failed breakdown (Deja Vu from yesterday). In this case, we flushed the 1230PM 5590 low, then reclaimed, entering with part of today’s profits. As I’ve mentioned for two days now, I see sellers being in control still until buyers can conclusively reclaim some major resistances to turn that around, with 5630 being first up. Until then, all longs should be treated as high risk, high failure rate, and with small size. When bears are in control and ES is making new lows, I call these “knife catches” and they are inherently dangerous, in the same way shorting a new high in an uptrend is. From where we are now, 5585 is first support down, and this backtests the triangle shown in red. We’ve already worked this level quite extensively, it may have another test left in it though. If it does fail and we make a new low, the next major support down is 5666-68. While one could “knife catch” this, I’d rather see us flush today’s low, tag that zone, then reclaim to try a small long for a safer setup. Could this fail? Yes, bears are in control. Longs have been brutally spoiled now for weeks with every single long working, and now longs have to put a little more effort into where, and how one enters. If 5666 fails, I’d be looking at 5542 and 5519 as spots to try small sized longs. Resistances are: 5593, 5598 (major), 5608 (major), 5611, 5616 (major), 5621, 5630-32 (major), 5640 (major), 5646 (major), 5649, 5655, 5660, 5668 (major). Obviously the 5630-32 level is a big one from here. One could try shorting it on the backtest and it may produce a decent reaction. Personally, I won’t be taking this as I’ll probably still be long into it, and I am not a fan of flipping long to short in macro uptrends. Buyers case: Bears are currently in control, so 5630 must be reclaimed to give bulls their first technical "win" and shift the momentum back in their favor. For bulls, the goal tomorrow is for 5630 to be retested. Ideally, this retest would hold us above the 5585 level after today’s late-day failed breakdown. If there’s another low, it should be a brief dip below today’s low followed by a quick recovery. The bounce would then need to progress through 5608, 5616, and finally to 5630, which is a crucial level. A long entry is viable above 5630, but it requires patience and volume for confirmation and a pullback first, making it a more advanced entry. Sellers case: The sellers case is now the default until 5630 reclaims. There are a couple shorts available tomorrow. The best is on the fail of 5566. As I say often, these types of shorts below a support are called breakdown trades. My core edge is trapping retail traders with failed breakdowns, and the reason is this is an edge is the vast majority of break downs (80%) end in trap. Markets always trap before they move. Breakdown trades take great skill to execute, and even when done well by a trader who has mastered these setups, one should expect over 60% to fail (they are low win rate, high R/R trades. 2 or 3 in a row will fail, then the 4th will pay out huge). As always though, I don’t chase. I’d need to see a bounce/failed breakdown of 5566 first . Only after this takes place, would I consider short 5564 or so for a move down the levels. There is a higher risk short available on the fail of 5585 as well. Again I’d ideally want to see a bounce here first to remove the “trapping factor” out of the level, then short a little below it. You don’t want to rush into these. 5542 would be the magnet for this, but as always take profits lvl to lvl. In general, Today’s close is much like yesterdays. We had a day of selling, and bears remain fully and completely in control. My general lean is similar to yesterdays but at lower levels; as long as 5585 holds, bulls can try to pop to 5608, 5616, then 5630. If bears to take another leg down, it would be there (or even sooner if they are particularly motivated). If 5585 fails, we likely head down directly again.
CME_MINI:ES1!
by ESMorg
S&P500 The correction is over. Bullish trend intact.The S&P500 (SPX) has been rising steadily since our June 17 bullish break-out signal (see chart below) and despite this week's pull-back, the upward pattern remains unchanged: As long as it continues to be supported by the 1D MA50 (blue trend-line), we remain bullish with our Target intact at 5800, marginally below the 2.618 Fibonacci extension. On a side-note, observe the uncanny symmetry between the RSI structures of the Bullish Legs. We are now on a similar pull-back recovery formation as on the January 31 2024 and June 26 2023 short-term Lows. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CAPITALCOM:US500Long
by TradingShot
Cyclically speaking....is it time to sell stocks?Introduction Within the larger Elliott Wave community (of Elliottitions; practitioners of Elliott Wave Theory) there has been an ongoing notion, that is gaining in popular perspective, that the US stock markets are very close to entering a super cycle wave (IV)…myself included. However, from what we know of Elliott’s original work, which was based on social and economic behaviors concerning market participants, and the use of Fibonacci numbers…is when this normal cycle starts, we will not know with a high degree of certainty this is what is occurring likely until its ending. Background Ralph Nelson Elliott was an accountant by trade born the late 19th century who also studied the US Markets. Post the 1929 stock market crash, and as a reader of Charles Dow’s Customer Afternoon Letter, (which later became the basis for today’s Wall Street Journal) Elliott began to formulate the basis of Elliott Wave Theory by noticing patterns that seemingly repeated (mathematical fractals) across monthly chart timeframes, all the way down to the 30-minute increments of price action within the stock markets. He stated that the behavior of market participants was cyclical in their actions, predictable in the outcome, and therefore highly forecastable well into the future. Although Elliott Wave Theory is criticized for a multitude of reasons that I will not get into here, I can clear up this, or any criticism of the technical analysis by simply stating I use EWT everyday as a trader to make a living. If the principles largely bare out each and every day on the smaller scales, regardless of the security (as long as there is a large number of participants) it’s highly implausible they would NOT fail when applied to the very long-term charts. My Analytical Perspective From Elliott’s original work he wrote… Corrections are typically harder to identify than impulse moves. In wave A of a bear market, the fundamental news is usually still positive. Most analysts see the drop as a correction in a still-active bull market. Some technical indicators that accompany wave A include increased volume, rising implied volatility in the options markets and possibly a turn higher in open interest in related futures markets. In the above chart you'll notice I have placed a red target box in the area of where a normal a-wave would reconcile to. It is while involved in this initial decline of a super cycle wave (IV) that sort of market reaction will be reported as a deep, but common run-of-the-mill bear market that was overdue. Given the meteoric rise in stock prices, it only stands to reason that we would consolidate those. This will give credence to my suspicion that we will not know we're only just starting this long-term consolidation. What will follow next should be a very long drawn-out b-wave, that has the protentional to rally back towards the current levels (maybe slightly below). This portion of the pattern will take many years, possibly a decade. The price action will take long enough to where participants may even feel that the a-wave bear market is over, and we're now involved in another bull market cycle to new highs. This will go a long way to justifying the narrative that the previous market decline was a speed bump on the way to much higher levels now. Again, Elliott states with respect to a b-wave in general and how we could potentially view this portion of the super cycle wave (IV). Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative. The b-wave, from bottom to top, can provide opportunities for traders for the duration as it will be a trader’s market. This is where the majority of this long term cycle will reside. The final outcome of a super cycle wave (IV) and why I state in the beginning of this article as to why we may not know this was a multi-decade super cycle wave (IV) is prices may be approaching the previous highs before we get one of two outcomes of neither are good. The first outcome is a stock market crash that could resemble it’s cyclical wave (II) but in alternating form. This would be devastating loss of wealth in a very short term period of time…whereas, the second option is a slightly more controlled decline, and although not classified as a stock market crash, will certainly feel like one as the declines will be steady, consistent and overtime versus all at once. In conclusion, could the current price action to higher levels continue to persist? Yes. I am not saying this market has topped. No key levels of support have been breached. The trajectory I am expecting is as per the below and as key levels of price action that have supported this rally are breached the pathway forecasted takes on a more standard decline based on Fibonacci retracement levels. Daily Chart Only cycle a-wave labeled. Cyclically speaking....is it time to sell stocks? I cannot answer that because the strategy of investing in the stock market depends on the person, their age, and their investment goals. These are decisions only you can make.
SP:SPXShort
by maikisch
12
S&P500 Short-term buy signal.The S&P500 index (SPX) is just after the middle of the new Bullish Leg of the 3-month Channel Up, supported by both the 4H MA50 (blue trend-line) and the 4H MA100 (green trend-line). The Sine Waves have been very efficient at projecting the bottoms and tops (Higher Lows and Higher Highs respectively) throughout the pattern. Right now the index is approaching such a top and once the 4H RSI makes a Double Top, it will be time to take profit. Rough projection, we expect that to be around 5700 and that is our Target unless the RSI double tops earlier. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CAPITALCOM:US500Long
by TradingShot
Full ES Trading Plan for July 10thPlan for Wednesday: supports are 5627-30 (major), 5618-20 (major), 5615, 5611, 5604 (major), 5598 (major), 5593, 5585 (major). We are in very low-quality trading conditions, which will persist until an external catalyst, like the CPI report on Thursday, brings more volatility. For now, we face low-quality, post-rally, midsummer fluctuations. As noted yesterday, if you plan to overtrade in these conditions, it's best to shut down your computer and save your capital. For now: 5627-30 to 5641 is the new chop zone, with everything in this being untradeable slop. 5627-30 is first support down, but has been tested heavily today so is no longer a reliable level. I would only consider engaging it if sellers can flush to 5627ish or lower then buyers pop back above 5630 to trap sellers, but even that is poor quality in the conditions we are in. Below there is 5620 support. One can try longs here to catch a few points. If sellers take us lower than that, we probably flush quite hard and I would not be interested in trying longs again until 5604. sellers flushing it, then buyers reclaiming it is always safer than buying direct. Resistances are: 5634, 5640-42 (major), 5644, 5647 (major), 5654, 5658 (major), 5664, 5670, 5674 (major), 5682 (major), 5687, 5697, 5708, 5717. All members know, I have a hard rule not to short resistances in ES, so I won’t be shorting any of the above resistances. For those who like these low win rate trades though, 5658 would be one spot to try shorts at... as would 5674. 5640-42 may also have one final dip left in it but a high risk. Buyers case: Nothing has changed, to be honest. The levels just vary slightly each day as time goes on. For tomorrow, buyers need 5620 to hold. If it does, ES is likely to form a structure between 5620 and 5640. From there, buyers would likely push up again, targeting 5647, 5658, and then 5674+. Normally, I provide entries for adding on strength, but given our stretched position, there aren't any high-quality opportunities. Perhaps look for pops above 5633-34, but be prepared to enter and take profits aggressively at the first level up." Sellers case: Starts with the failure of 5618-20, with 5630-27 failure as the initial micro trigger. For the 5618-20 failure, I need to see a test here followed by a bounce or a failed breakdown to fully use up the level. After this, I'd consider going short around 5617 for a level-to-level dip. Refer to previous plans for the risks associated with these types of trades." In general, we continue to experience post-rally chop, and I will maintain light trading until conditions change. This huge move buyers have gave us for the past week could end abruptly and without warning, likely due to a catalyst now though, and it could happen at any time. Until then, I must follow the trend only, as that's what allows me to maintain an 85% + win rate for the year. As long as the 5620 level holds (and if the bulls are highly motivated, 5630 will also hold), we can establish a base around 5620-5642 before beginning the next upward movement to 5647, 5658, 5674, or higher. If 5620 fails, sellers dip us.
CME_MINI:ES1!
by ESMorg
4