Market Observations:
The S&P 500 futures NYSE:ES and S&P 500 ETF AMEX:SPY have consolidated with low volume over the past two days.
Trading Strategy:
Given the current range-bound price action, I am not actively seeking trades around the 5200-5210 level.
Instead, I am looking for a breakout from this range accompanied by increased volume to establish a...
Trading Plan for NYSE:ES and AMEX:SPY based on Downtrend and Key Levels
Overall Market Context:
We are currently in a confirmed downtrend for NYSE:ES and AMEX:SPY since their respective all-time highs.
Major resistance sits at 5150, with major support at 5033 and 4965.
Trading Strategies:
Short Positions:
Primary Entry: Look for bearish price action...
SP:SPX Hourly chart heading into today. We are going to open up in this Supply Zone and test the 1hr TL. I would expect another move higher as buyers have been coming out in volume. If we lose the supply zone and the TL then I turn bearish. If we bounce then a move to upper TL.
