NeonLight

NeonLight

📊 Chart Analysis: ES1! (S&P 500 E-mini Futures, 1H) – Impending Breakdown via iFVG and Rising Wedge Top This chart represents a technical analysis setup for ES1! (S&P 500 E-mini Futures) on the 1-hour timeframe. Here’s a contextual breakdown pointing toward a potential “rug pull” scenario by the end of the week, driven by an internal Fair Value Gap (iFVG)...

NeonLight

SPY pivoted at 393.64 Imbalance at 391.23 Bullish cypher setup through Friday, Jan 27

NeonLight

ES rallied to a high of 3918 on Wednesday completing a small a wave of this higher B apart of its corrective journey lower (later). For now, I expect oscillators to reset and price to challenge the opening gap from GLOBEX open for Wednesday. Thursday target is outlined below (3840-3860) at which point breadth should suggest one more move higher to complete this...

NeonLight Updated 

As predicted in my prior post, ES/SPX is approaching downtrend resistance. Confluence appears to be around 4125 for T1. In this current cycle, look for 4065-75 for this impulsive move. Buying opportunities exist back around 4025. Failure of 4025 opens the door to retest 3945. Good luck.

NeonLight Updated 

ES Futures continues to make a push higher through October. Currently, I see a Primary WXY count subwave (w) taking place at the moment. I expect either a topping pattern, or direct to (x) prior to revisiting the top of the downward trendline going into the end of November/Mid-December (Santa Rally?) Furthermore, I do expect to revisit and takeout prior swing...

NeonLight

Based on price action, it appears that SPX in a ABC (Zig-Zag) pattern. Ratios are shown. I am looking to take short positions around 4300-4308 and looking for 4225 tomorrow in 5 legs. This idea is invalidated > 4310 and implies more of a continuation of the ending diagonal overall.

NeonLight Updated 

SPX continues its upward impulse seeking liquidity. Major catalysts this week include FOMC Meeting minutes and GDP. OPEX this week as well could serve to trap in bulls/bears alike. Personally, I look for topping/buyer exhaustion with these targets: T1: 4298 - ABC Structure target of 1.78/0.618 fib retracement of larger move T2: 4360 blowoff top, wave 5 extension...

NeonLight

Good afternoon, traders. As mentioned yesterday, SPX reached several areas of confluence at 4325 which constituted a valid pull-back area. Currently, the market is testing previous areas of support on this uptrend. Looking forward, I expect a shallow move to the downside to complete wave 4, prior to heading upwards to finish this structure. Stay tuned.

NeonLight

ES/SPX finished its interim impulse to the projected target based on my prior idea to around 4325 before a price reaction was seen. However, I am still not ready to open a large short position as the market could chop around today/tomorrow due to FOMC. My trading plan: 1) Looking for failure of support 4250, go short 2) Break yesterday high, 4325, go long for...

NeonLight

SPX exuberantly attacked the wave 3 extension (X/B) at 4255 and has shown some cooling off. I believe this to be a longer term pivot high area. Good luck.

NeonLight

As expected, SPX reached it's target uptrend. It remains to be seen if this is part of a larger bullish impulse, or a bear market rally. Regardless, the next day or two should possibly be trap days for bulls, trade cautiously. I am looking for failure here at these supply areas.

NeonLight

SPX (ES) continues it's arduous journey higher. I expect a buying climax in the coming days before taking on any serious short positions. 2 Scenarios: 1) Price action is at 1.618 of the local abc count (4183) and will correct 2) Price action has more room to expand toward 4250 range. Regardless, I am looking for confirmation via divergences and price action.

NeonLight

SPY continues its slow climb (consolidation) period under major resistance. I expect order price action to hunt liquidity overhead in the denoted target zones.

NeonLight

ES continues to consolidate under the critical 4150 level, which happens to be the 38.2% fib level of the former (zigzag) move. This zone (4080 - 4135) has been extremely "trappy" but is nothing more than a combo correction, currently entering a motive state to complete the cycle. I see a confluence of support ~4055 to complete this correction before one final...

NeonLight

SPY continues to chop around between 4105 and 4035. Look for a break lower toward 4066 - 4085 in the coming day or two before completing wave V of C before the final meltdown begins

NeonLight

SPY completed its 5 wave impulse sequence to complete wave iii. Expecting an expanded flat with absolute low around 4060 in next few days before final thrust to complete wave V of C early next week before lots of pain.

NeonLight

SPY as denoted with the E-Mini S&P Futures appears to be finalizing its final sequence higher this week. I look for an early week climax between 4160-4185 before entering short positions into October <3600.

NeonLight

Tom Demark famously described TD supply and demand lines. In doing so, he also described tendency for price action to involve symmetry upon the upward or downward break of a trendline. In this case, price has broke downward from the most recent TD demand line. Demark provides a step-wise approach to project price based on trend break. In essence, take the...