Taking a breathI'm looking for the S&P 500 to take a breath on Friday which means I am not looking for a large move down but a smaller range today going into the weekend.
WSP1! trade ideas
ES OHLC Stat Mapping Textbook setup1:5RR booked ✅
-Manipulation to -Distribution. The most simple setup which repeats every single day...
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How To Understand The Sentiment Drivers Behind The S&PWhat is moving to SPX up relentlessly and how should you trade it?
Lots of Traders are looking at the SPX to catch a potential retracement. This will not occur until the Sentiment drivers behind the market change.
At the moment, very recently, its confusion. This could lead to a larger, sudden change, should any rhetoric from Powell give it fuel.
ES Levels & Targets July 18thYesterday the last downside target I gave for ES was 5645, as long as the 5668-72 backtest rejected, and after 3 tests of it, sellers hit the target. ES certainly agrees with 5645, and we have been basing around here for 4 hours now. As of now: buyers are trying to pop above it now (5652, 58 next up). Ultimately though, sellers still control short term until 5668-72 recovers.
Price Action Review ES 7-17-24 and Overnight 7-18Going over the day's price action ES and the Overnight session. looking for clues as to what the market is telling us and how we should position for the day.
Not looking for follow-through to the downside.I am not looking for a big follow through to the downside in the S&P 500 on Thursday primarily because the action that we saw on Wednesday is due to the anticipation that the US may curb chipmakers because of continued sales of advanced ships to China.
ES Levels & Targets July17thYesterday, the top target i gave in ES was 5723. ES agreed, and we hit 5721.5, before sellers dipped back to 5660s support again. And both short ideas i mentioned in the plan yesterday afternoon have worked with ease.
As of now: 5668-72 is obvious resistance. Buyers must reclaim fast on the backtest to rally up back to upside targets. If it rejects, 5654, 5645 next down.
ES Price Action REview 7-16-24 & Overnight session 7-17-24Going over the price action for Tuesday and the overnight session looking for clues as to what the market is doing and how it wants to proceed going forward. we dont sell strength we sell weakness. no weakness no selling.
618 Fibonacci + Fair Value Gaps + Support took me out of the 9-5Sweet over 60 pts on this play!
Hunting deals have made me the most money
Take a shot at combining the Trinity and get better confluence
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Buyers are holding the highBuyers are holding the high on the close but can they follow through. 5740 would be the next objective to the upside. Watch the Asian and European sessions for continuation of buying. These sessions can provide a clue for follow-through in the US session.
ES Levels/Targets July 16thFor 3 days now, 5668-73 area has been very key in ES. We failed from it Friday afternoon, trapped sellers, then squeezed 50 points. We did the exact same thing yesterday 4pm, and it held again overnight to the tick. As of now: More chop likely. 5679, 5668 are main supports. staying above keeps 5696-98, 5708+ in play. We dip only if 5668-65 fails
Improving Breadth; Caution or Celebration?E-mini S&P (September) / E-mini NQ (September)
S&P, yesterday’s close: Settled at 5683, up 18.25
NQ, yesterday’s close: Settled at 20,583.75, up 59.75
E-mini S&P and E-mini NQ futures notched a positive session to start the week, but the rebound from last Thursday’s pullback has certainly felt exhausting. Much of the focus has been the rotation to under-loved cyclicals and small caps. In fact, with this morning's extension, E-mini Russell 2000 futures are up more than 8% since Thursday’s CPI report, which showed pockets of disinflation. However, despite a fresh record high in the E-mini S&P yesterday, overhead supply from last Wednesday’s panic buying and Thursday’s reversal has left a thick pocket of damage (resistance) in which both the S&P and NQ have struggled to repair. Over these last two and three sessions, both indices have created upper-end tails on the daily candlestick, a pattern that exudes near-term exhaustion. During recent pullbacks and consolidations before legging higher, both indices also left tails, but on the bottom-end of the daily candlestick. While this type of activity exudes caution, we also consider the chase for performance, yield, or a catch-up from the worst performing assets (small caps) as something that typically shows up before a healthy pullback within a bull market. If you have been following us, you know our Bias has been unequivocally Bullish, but we will now Neutralize our Bias to watch a round or two of this fight. Although many cite improving market breadth, we see this as one sign for near-term caution.
Bias: Neutral
Resistance: 5695.75-5699.25**, 5707.75-5708.25***, 5718.75**, 5762.75****
Pivot: 5683-5688
Support: 5673-5676.50**, 5660-5666****, 5649.75*, 5639.75-5642.50***, 5629.25-5631.25**, 5619.25-5621.50***, 5605-5608.25***, 5581-5588***
NQ (September)
Resistance: 20,661-20,676**, 20,703-20,741***, 20,796-20,822***, 20,900**, 20,983-21,016****
Pivot: 20,620
Support: 20,506-20,525***, 20,425-20,442***, 20,335-20,373***, 20,255-20,274****, 20,206-20,216***, 20,000-20,052**, 19,927***, 19,726-19,756****
Micro Bitcoin (July)
Yesterday’s close: Settled 63,700, up 5,855
Bias: Bullish/Neutral
Resistance: 64,810-65,530***, 67,460-67,710**, 68,643***
Pivot: 63,695
Support: 62,615-62,987***, 61,775-62,035**, 60,810-61,187***, 59,880**, 57,500-57,845***
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*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
ES short term short setupMy analysis suggest a short term bearish move for ES and NQ towards Previous weeks low, with minimum target previous day low
ES price action rEview 7-15-24 and overnight session 7-16-24going over both the days price action and the Overnight session for Tuesday. looking for clues and how we're positioning ourselves for the day ahead.
