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S&P 500 shows further weakness ahead - daily market analysis23 Apr 2020 recap -After the announcement of the jobless claims report, S&P 500 rallied up above 2800. The up swing continued after the US session opened and tested the axis line of 2830 as mentioned in my previous video on 23 Apr 2020 on the short squeeze scenario. Yet, the rally was unsustainable and closed lower at 2780.75. This was the first time for the S&P 500 ( CME_MINI:ES1! ) to close lower after the jobless claims report since the tremendous spike in jobless claims numbers started in 26 Mar 2020. Yesterday's candle tested the channel line as resistance, the breakdown bar on 21 Apr 2020 and the axis line at 2830, followed by a rejection and closed at the low. Further weakness could lead S&P 500 to test lower levels of support at 2750 and 2716. A break below 2716 should S&P 500 to test 2625, which is an important level. Bias - down Key levels - Resistance: 2800, 2830 Support: 2750, 2716, 2625 Potential setup - look for a rejection from the previous day low at 2784 or a test into the last hour bar 2787–2812 to initiate short entry. First target at the swing low at 2715 with a stop loss above 2819.
CME_MINI:ES1!Short
by mingjong
2
S&P 500 trading range with a bias to show further weakness22 Apr 2020 recap - S&P 500 futures ( CME_MINI:ES1! ) tested support level at 2800 and gave back the gain during the London session while digesting the volatile oil trading session and waiting for US jobless claims report later. The rally from yesterday has shown rejection twice from level 2800. It is worth to note that the rally also tested the up channel, which becomes a resistance trendline. It is expected for S&P 500 index to have a swing down to at least test 2750 or the swing low at 2715 if it is weakening. Should 2715 be broken, we should see a test at 2625, which is an important support level for S&P 500 futures. So far, I expect the price to spend some time within the trading range between 2715–2800, with a bias to break below 2715. Bias - down Key levels - Resistance: 2800, 2830 Support: 2750, 2715, 2625 Potential setup - look for a rejection from 2795–2805 to short. Else a break below 2773 with a weak rally up could be another short entry. First target at the swing low at 2715. Stop loss at 2810.
CME_MINI:ES1!Short
by mingjong
2
S&P 500 breaks down the up channel - range or reversal?21 Apr 2020 recap - S&P 500 futures ( CME_MINI:ES1! ) broke below the up channel since the bottom from 23 Mar 2020 and a key support level around 2750 with increasing supply, as spooked by the meltdown in oil price. This is a change of character for the uptrend, suggests that the up move could at least stop for now, at minimum to go into a trading range if not reversing to test the the lower support levels. Should S&P 500 commits above 2750, this would violate the bearish case and a trading range between 2720–2880 is likely. Bias - down  Key levels - Resistance: 2780, 2800, Support: 2750, 2717, 2635 Potential setup - look for a test of the of the break down around 2775–2800. A rejection from this level could be a good entry for short. First target at the swing low at 2717, second target at 2635. Stop loss at 2791.
CME_MINI:ES1!Short
by mingjong
Long $LX - 1/8/2019I entered a long position in $LX based on some nice patterns I've been stalking for the past 2 days. $LX recently made a new 8 month high and pulled back into the 14.50 support area. For the past 3 days $LX has been consolidating right above this area of support with 3 inside candles in a row on the daily chart. On the 30m chart, $LX developed a coiled spring pattern which is indication of explosive volatility in the near future. Due to these multiple patterns stacking upon each other, I entered a long position at 14.97 after $LX held the 14.50 area a third time on the 30m chart. My stop loss is at 14.48 with a target at 17. The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and $SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted.
NASDAQ:LXLong
by Trader_Kaji
Ethereum Trading Setups for both Long and ShortHere is ETHUSD 4H. I would consider current region to be quite risky to enter any position until more sub-wave structure gets formed. ETH recently had broken the yellow triangle below and bounced around 0.786 retracement level. If we see some uptrend move to retest the bottom of the triangle, it might be a adequate place to enter short. Moreover, there is a blue mid-term trendline passing above and thus even if it fails to retest (breaks above the bottom of triangle again), I would accumulate more shorts expecting some more resistance from this blue trendline. For long, I have extended the bounced sub-wave to 1:1 which also happens to be region where yellow long-term trendline passes.
BITFINEX:ETHUSD
by Trader_AlexK
1
Missed $GVT and $SALT Call? Don't Worry, $QSP Here...Quanstamp having $23 millions dollar market capital with 976+ millions on total supply. QSP is the alumni of Y Combinator and already having 4 regional offices: San Fransisco, Toronto, New York and Tokyo. Their work is helping clients with an understanding of using smart contract and blockchain. Quite relatable with what we need in the status quo. They already have clients! So far, it's great fundamental and match with the industry niche. Right now chart is also looks very juicy. I love the chart because it really looks like SALT and GVT on it's recent bottom. As you can see the same setup on GVT and SALT giving tremendous result lately, and I expect the same thing happened to QSP. If this ideas helps you, give it a thumbs up, comments and follow me. Thanks a lot!
QLong
by blockchaindedi
6