Fib Line Hit on DOW & S&P78.6 Fib retracement hit on ES from all-time-high to 2/9 low. NASDAQ showing major bearish divergence on RSI, as well. Selling on high volume...Looking for further downside ultimately to 'C'.
Es_f
Can we get a pop?Can we see Nasdaq closing the week at a record high and S&P 500 breaking through the falling trendline and horizontal resistance? If not today, I'd be expecting this early next week.
Hope we don't see a big red candle today as this would negate the view.
RiskyES has been steadily recovering since the crash early Feb. If the rising trendline support doesn't hold, be ready for another leg lower, possibly a retest of lows. At the moment I'd be rather on the safe side, so neutral.
2200s the target AFTER this pop. Should see some bullish action today and into early next week. NOT TO BE CONFUSED WITH THE HIGHER TIME FRAME TREND.
THE BIG TARGETS ON THE DOWNSIDE ARE IN THE 2200s AND THEN RIGHT AROUND 1920/1930.
No straight lines. Just something to keep in mind big picture.
p.s. we NAILED this short omg.
S&P 500 -- STFP or BTFD? Short the fkn pop or buy the fkn dipThis is the S&P 500 Futures chart. Currently, we have breached the 200MA. If the SPY gaps below the 200MA tomorrow and does not break back above, then I believe we may be days away from the beginning of a bear market. What i'd like to see happen is the SPY holding its 200MA and possibly popping back up around its 100MA. If it does this I will enter a short position.
2659 or better potential for SPX based on measured movesThe way breakouts typically function is with measured moves as a way of determining how far price will move until it reaches its climactic point of selling. In this case, I measured the range of the top to bottom in our past 5-7 trading sessions and determined that 2659 would be a decent level to cover some shorts or initiate a long day trade idea. Heres why, the length of the move will coincide with central bollinger band, thats the only technical indicator I used. Also moves tend to overshoot so this measured range of 15-20 points may blow straight past my target. Lets check in on this idea later and see how it worked.
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