MisterBurkes

MisterBurkes Updated 

We're finally nearing the completion of my bulltrap forecasts, and unsurprisingly, the market has chosen to draw it out as long as possible to the intersection of the previous lower trendline (dashed line) and the upper bearish trendline. The market laid out a nice bear trap by breaking below the previous lower trend line early, before opting to grind and re-test...

MisterBurkes Updated 

ES1! has been consolidating after hitting the daily low earlier during trading hours. Bears had a successful defense of the upper RSI trendline. Lower highs and lower lows on RSI have created two RSI trendlines that will reach a crossover point into the early morning trading hours and right before market open. Perfect timing for a breakout move.

MisterBurkes Updated 

The current bull trap pattern remains bullish, and today's small pullback allows for a run-up tomorrow to the 284-285 range, where there is an important pivot / resistance. Any trend reversal here would help form a double top pattern, similar to the one that had formed around 263 on March 31. From here, I'm expecting a bigger pullback here back to the 0.5 fib line...

MisterBurkes

I spotted some very high volumes coming in right at the end of market close and during after hours trading on XLI. Massive volumes = institutional traffic. However, price levels didn't actually move much until late into AH trading, when a tiny amount of volume (orders totaling 102 only) did a gap up in price to $63.88. This suggests a gap up breakout could occur,...

MisterBurkes

Today we had another rejection off the 275 area, just shy of the 0.618 fib retracement level, and a potential double top pattern is now forming here. However, given that the previous double top pattern at 263 led to a bullish continuation pattern, I could potentially see the 0.618 fib being broken after a run-up from the lower trend line support. This would extend...