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💥 SPY and the DJI at Resistance BUT do we go Higher? 💫🙉💬 The SPY (ES1!) and DJI (YM1!) are both approaching resistance according to their futures contracts charts (ES1! And YM1!). Do we get a pullback here, or does the Dow retest its previous top while the other indexes run? We think both moves are in the cards. Given that, let's look at some support and resistance levels to get a sense of what might come next. Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- ES1! Support: S1: The range at the S/R flip and pivot point is a very obvious support level. We expect a reaction here if tested. S2: If this S/R flip and orderblock range is tested it is very likely to hold. This looks like the perfect entry if we do get a pullback. Fear should be high going into this major support. ES1! Resistance: R1: Our one and only resistance is the one we are at right now, the orderblock range at the previous high. A correction here doesn't really dampen the bull case assuming S1 or S2 holds. Despite this, it the ideal is for the bulls to break above R1 and treat it as support moving forward as shown by the bullish ABC on the chart. YM1! Support: S1: The S/R flip for the Dow isn't as pronounced as the S&P's, but we expect a reaction here regardless. S2: The orderblock and S/R cluster is the obvious support, just like it was for the S&P. Fear should be high going into this, but this is an ideal entry for bulls if we get a correction. YM1! Resistance: R1: If the Dow Jones can take out this resistance, or if the S&P can take out its resistance, then the bulls get a field day because there will be no resistance on any chart until the Dow's R2. R2: It would make a ton of sense for the market to see a pullback as the Dow finally retests the orderblock range at the all-time high. With that said, a breakout above R1 means lots of room to run to R2. A rejection here and we would then look for R1 to become support as illustrated by the bullish ABC on the chart. ----- Summary: The S&P and Dow Jones are both at resistance, we have yet to see a breakout. A breakout for either likely pulls the rest of the market up and then the main resistance becomes the Dow's R2 range at the previous high. A rejection here, and we have our eyes on S1 and S2. Splitting bids between these levels makes sense. Now, how much of this is going to be influenced by stimulus deals and dollar weakness? That is a great question, our main focus here is on resistance, but either of those items could make a big impact. Resources: nypost.com ✨ Drop a comment asking for an update, we do NEW setups every day! ✨
CME_MINI:ES1!
by AlphaBotSystem
6
SPY rejection, then NEW HIGHSReguardless of the world's current events, you better believe that stocks can rally to new highs & continue climbing. Reguardless how many people die, businesses fail, or governments collapse, this can happen. 1. The real people/companies/funds who have the money to keep in financial markets play their own game & are not about to let it fall apart. 2. The richest people/governments have no choice but to keep their money in assets, this includes financial. They see money as the real tool, resources, & asset for driving more revenue. They don't get scared out of financial markets just because asset prices fall. You can learn that from the JP Morgans & Warren Buffets of the world. 3. This exact place we are at is a mirror of the same places we've been at time after time, generation after generation. This is a mirror of a cycle that will continue to occur, as that is the nature of attaching human sentiment to market behavior. 4. This is a numbers game that can be manipulated on so many levels, including corporate debt restructures, currency valuations, & government intervention. ASSETS CAN RISE INDEFINITELY AS LONG AS THERE IS A MARKET FOR THEM TO BE BOUGHT & SOLD IN + WILLING PARTICIPANTS! It is within the best interest of every high-net individual to participate in asset markets, as they allow the opportunity for capital appreciation with limited associated costs. Conclusion: the market could fall & retest the low for all I care, but you better believe it could recover & double in a blink. The GREEN line I have drawn is a level of support that, if held, will provide enough momentum to provide a substantial breakout for financial markets across the globe. Disclosure: I am anticipating a short entry but only down to the GREEN line. At which point, I will not fight the proven upward momentum & will be anticipating the opportunity to build a LONG position... SHORT TERM I'M BEARISH, LONG TERM I'M BULLISH.
AMEX:SPYLong
by BillionaireTomBoi
DE 30 - BullishGenerally the DAX30 was on going a retracement after a long bullish run from March 20 - the following presents a 4 hour chart idea based on price action and technical analysis - * Moving upward the price had crossed the 21 MA and support area of 12580. * it then made a retracement and tried to go below the 12500 level downward but it was hammered up by the buyers to stay above the 12580 level * If the 12580 level stays strong - a good area to buy would be at the 12650 -12670 With : SL - 12500 TP 1 - 12745 Tp 2 - 12846 Tp 3 - 13200 Good Luck!!
DLong
by AlSabahi
NASDAQ at all time highs...reversal pending? 🏔HTFs - Overall expanding formation seen on the daily and weekly time frames. Price has already broken significant highs, all time highs in fact and has broken somewhat correctively. An ascending channel pattern extension has formed following the upside break and at the 3rd touch of the larger expanding formation | LTFs - The ascending pattern extension looks to have clean wave structure with the middle section followed by a 5 wave ascending channel just breaking the double top creeping up to the 3rd touch completion area. From a psychological standpoint, typical scenario of buying highs could have people caught on the wrong side of the market | ENTRY - Although there are a lot of confluence factors stacking up in favour of the short, I don't fancy trying to call the top of this as price can just keep going. Cool to wait for the market to turn around first before jumping in unless there is a clear reversal pattern at the 3rd touch
OANDA:NAS100USDShort
by Black_Magic_Capital
S&P ($SPX500USD)📈 | The FED Speaks, All We Hear is Buy the Dip.💥💥The S&P 500 looks like it could be looking at a little downside as the market figures out what it thinks of the very impactful FED speech. Do we rally here as the market focuses on stimulus and low interest rates for years to come? Or, does the market panic a little over the unemployment rate. Both moves are valid, but we think whatever panicking being done is ultimately going to result in more upside. So then, let's look at some levels where we might find support and get a sense of where resistance sits for if we and when we do move up. Support. The S1 S/R flip is our most likely candidate for support. That gives us a little cool off, but ultimately keeps the current bull run well intact. The S2 orderblock and S/R flip is the next level of support for the bulls, S2 retains a bullish structure while front-running the S3 major pivot point. S3 is where the bulls will need to hold to show the world who runs this mother #$@%^!. At S4 we are likely in for that "slow recovery" the FED was talking about, but the bulls could always pull an upset here. S6 and S7 give us a chance at higher lows, but at this point, it's a long way down to those support levels. Resistance. The R1 orderblock cluster is an obvious resistance since it is hanging right over the current price action's head. The major resistance point is the R2 S/R flip cluster that includes the previous all-time high. Summary. Can SPX take out the ATH like NASDAQ? Of course, but it is likely we are in for a bit of a pullback while the market reacts to the FED news. In fact, if we just see a straight rip up without a moment to cool down, we would be wary of the FOMO and greed ramping up in the market. There is always another trade, so let's let the market come down to a logical level and not chase the SPX dragon. Resources: www.washingtonpost.com + www.cnn.com + www.cnbc.com
OANDA:SPX500USD
by AlphaBotSystem
10
AU200 set to continue dropping?HTFs - earlier in the year this index went into free fall. It's "bounced back" but the overall state of price has been very corrective. Separating the patterns, I can see an ascending wedge which moved into an ascending channel and is now very near significant highs | LTFs - I'm just focused on the ascending channel section. There seems to be an expanding ending pattern at the end of the larger pattern which increases reversal probability. Price threatened to drop last week after rejecting at highs but is now creeping back up to high value area for a 3rd touch. ENTRY - I suspect that this time price may break the immediate high within the expanding pattern to complete the overall structure. Pattern within a pattern so I'll be looking for an entry at the top of structure once the high breaks. If price action is impulsive upon approach, I'll just wait for the market to show a signal it's reversing and then wait for an entry.
OANDA:AU200AUDShort
by Black_Magic_Capital
DJ new trade - we need to break the last low and down we come.For more information on our strategy please view our 'Scripts' page on our Trading view profile. Our V2 strategy shows the SL and multiple TPs on the chart too - these are customisable based on the ATR of each pair. We have set these so that TP1 is 1:1 TP2 is 1:2 TP3 is 1:3 RR. There are infinite ways to manage your trades to suit your mindset and time. Works on all instruments Directly onto your own personal trading view - all devices work Non repainting Please follow us to keep up to speed with our trading ideas, live streams (coming soon) and weekly recaps using our strategy. We are continually marking some tweaks and marginal gain improvements to continue to make this easier for our trades and even more profitable. All updates are given to our members and previous purchasers FOC . Regards Darren Blue FX
UShort
by pow_removetheguesswork
#DJI.. SELL IN MAY AND RUN AWAY!.. I think that there will be a long-term correction wave in the global markets on a macro scale, and it is getting closer.. Markets will become very interesting in the coming years, we will wait and see.. For DJI, the structure I expressed in the chart is very important and should be watched carefully.. I firmly believe that, we will observe wedge pattern in the chart of many markets in the big correction wave.. What I wrote is about strong possibilities that most investors and analysts do not express or expect.. Please do your own due diligence when it comes to trading.. Invest at your own risk.. I wish you all the best..
TVC:DJIShort
by OguzhanSengor
4