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YM1

Coming week can bring turbulence. ExplainedComing week can bring turbulence to markets. Special attention has to be paid to the SP500. The technical analysis is still neutral. We got rejection last week, but it happened with a low volume. It can’t be considered a valid swing failure. If 3170 – 3140 holds, we can see a retest of 3400 and possible double top formation. However, fewer stocks support this rally. We have seen the same scenario before each sharp decline. So, keep that in mind if you long the stock market. The Federal Reserve meeting is scheduled for the coming week. But likely we will not hear something new. Implementing negative rates looks doubtful. So, the dovish tone is all I expect from the Fed. Extra jobless benefits disappear at the end of the month. Currently, 20 million Americans get an extra $600 a week. If there will be no fast extension of this payment, the income of the average unemployed person can fall to $200 a week. That will make people spend less. Less spending means less income for the retail business. Some of them will have to close. We have already discussed a big number of bankruptcies and their impact on the economy and the stock market. The situation looks dramatic. The second-quarter U.S. GDP is another important data all traders are waiting for. Atlanta Fed forecasts almost 53% decline. Those numbers can shock the market and cause high volatility. Such expectation is a result of rapid COVID spread in the USA. The situation in the EU is more positive with a 12% GDP decline expected.
CME_MINI:ES1!
by UnknownUnicorn1156963
Elliott Wave View: Dow Futures (YM_F) Resumes HigherYM_F 45 minutes chart below shows that Index has ended the cycle from July 7 high as wave 2 at 25293 low. The pullback unfolded as a zig-zag Elliott Wave Structure. From July 7 high, wave ((a)) ended at 25661 low. Wave ((b)) bounce ended at 26029 high and wave ((c)) ended at 25293 low. Up from that wave 2 low, Index has resumed higher as a 5 waves Impulse Elliott Wave structure. Wave (i) ended at 25519 high and pullback in wave (ii) ended at 25362 low. Index then extended higher in wave (iii), which ended at 26215 high. Wave ((iv)) dips then ended at 26024 low. The index then pushed higher in wave (v) which ended at 26524 high. The rally ended larger degree wave ((i)) and also broke above previous wave 1 high. This confirms that the next leg higher is already in progress. Afterwards, the Index corrected that rally as another zig-zag correction in wave ((ii)) and ended at 25871 low. From there, Index continued to resume higher in wave (i) of ((iii)), with the internal subdivision unfolding as another 5 waves Impulse in lesser degree. Up wave ((ii)) low, wave i ended at 26310 high and wave ii dip ended at 26156 low. Wave iii then ended at 26817 high and wave iv pullback ended at 26720 low. The index can still make another high in wave v, which will end wave (i) in the larger degree. A 3 waves pullback in wave (ii) should happen before the Index resumes higher. As long as pullback stays above 25871 low, expect wave (ii) dips to find support in 3, 7, or 11 swing for more upside.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Dow Jones Long-term Megaphone, Limit Reached to the TickOn both the long-term (weekly and monthly) S&P 500 chart and here with the Dow monthly chart, one can see a large megaphone structure or broadening pattern. In both cases, the Fed balance sheet reversal and then repo-induced mania of last year created an overthrow. On the S&P 500 megaphone, this bear market rally culminated in a small overthrow again, but that index now sits once again inside that structure. With the Dow, on the other hand, the rally came to an abrupt halt as it found resistance at that structure and subsequently retreated from it, to the tick. In this chart, it is forming a very strong, long-wick rejection candle. I do believe we will be making our way to the bottom channel once again. We will likely find some support there, but I believe it will then fall out of the structure altogether, the common conclusion of a pattern like this.
CBOT_MINI:YM1!Short
by CHTradingGroup
Dow Jones Bearish Wedge Breakdown and Failed BacktestThe Dow Jones futures, much like the NASDAQ and S&P 500 futures has formed a bearish rising wedge from the March lows. Last Thursday's bloody drawdown broke the index out of this structure, after which it tried to recapture it, which then failed, and a subsequent backtest looks to have failed now as well. This is in keeping with the other major indexes. Any forthcoming selling from this point spells serious trouble. I am seeing rising similar patterns everywhere at this point.
CBOT_MINI:YM1!Short
by CHTradingGroup
2
US30 - Dow Jones - YM1! - H4 - Weekly Analysis -Head & ShouldersUS30 - Dow Jones - YM1! - H4 - Weekly Analysis -Head & Shoulders We have a Major bullish Trend on the Daily chart, but we just had a bearish reversal pattern and also have a Head & Shoulers pattern on the H4 chart. We are waiting for a little correction on a key level to enter SHORT. Our targets will be @ 24000 & 23000. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Entry: 25500.00 | Stoploss: 25800.00 | Takeprofit1: 24000.00 | Takeprofit2: 23000.00 | ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ If you like this idea please click the like button to support this channel, thanks. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell. ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
OANDA:US30USDShort
by Sami_Derti