6/29: Daily Recap, Outlook, and Trading Plan
Recap
This week saw the continuation of our Technical Analysis 101 principles, with the ES rallying 330 points from its May 24th low and experiencing its first 6-day pullback last week. The pullback stopped at exactly the 4372 level, which had been identified over a week ago. This level was the breakout point of a 6-month rising channel on June 12th. We also saw several more trades set up yesterday, with the 4400 zone proving key.
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Mixed
🌎 US Index Futures: Mixed
🛢 Crude Oil: Down slightly
💵 Dollar: Up
🧐 Yields: Up a lot
🔮 Crypto: Up
World Headline
According to recent reports, the top 23 banks in the nation have successfully passed the stress test conducted by the Federal Reserve. This means that even in the event of a severe global recession, these banks will be capable of continuing their lending activities.
Key Structures
Several core big picture structures and levels are being watched, including the falling channel from the June highs, the 4374 level, the main breakout level from June 1st and 2nd, and the large rising uptrend channel in white.
Support Levels
Key support levels for today include 4408, 4402-4400 (major), 4393, 4383 (major), 4373 (major), 4364, 4350-53 (major), 4345, 4334 (major), 4328, 4321-17 (major), 4311, 4294 (major), and 4281-86 (major)
Resistance Levels
Resistance levels to watch are 4413, 4421-25 (major), 4433 (major), 4443, 4451 (major), 4460 (major), 4475-80 (major), 4485, 4501-05 (major), 4515, 4527, 4536-40 (major), 4553 (major), 4564 (major), 4572, 4584 (major), and 4600-05 (major)
Trading Plan
The bull case is generally in play as long as we are above the 4373 level, with the 4400 level being essential today. The bear case begins on the fail of 4373. The current complex consolidation zone requires careful navigation, but the general lean is towards a trip to 4433 and then 4450 as long as 4400 holds.
Wrap Up
This week has been a victory for our Technical Analysis 101 principles, with the ES rallying and pulling back at key levels. With several core structures and levels being monitored, the current consolidation zone requires careful navigation. As always, the trading plan depends on the holding or failing of key levels.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
This week saw the continuation of our Technical Analysis 101 principles, with the ES rallying 330 points from its May 24th low and experiencing its first 6-day pullback last week. The pullback stopped at exactly the 4372 level, which had been identified over a week ago. This level was the breakout point of a 6-month rising channel on June 12th. We also saw several more trades set up yesterday, with the 4400 zone proving key.
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Mixed
🌎 US Index Futures: Mixed
🛢 Crude Oil: Down slightly
💵 Dollar: Up
🧐 Yields: Up a lot
🔮 Crypto: Up
World Headline
According to recent reports, the top 23 banks in the nation have successfully passed the stress test conducted by the Federal Reserve. This means that even in the event of a severe global recession, these banks will be capable of continuing their lending activities.
Key Structures
Several core big picture structures and levels are being watched, including the falling channel from the June highs, the 4374 level, the main breakout level from June 1st and 2nd, and the large rising uptrend channel in white.
Support Levels
Key support levels for today include 4408, 4402-4400 (major), 4393, 4383 (major), 4373 (major), 4364, 4350-53 (major), 4345, 4334 (major), 4328, 4321-17 (major), 4311, 4294 (major), and 4281-86 (major)
Resistance Levels
Resistance levels to watch are 4413, 4421-25 (major), 4433 (major), 4443, 4451 (major), 4460 (major), 4475-80 (major), 4485, 4501-05 (major), 4515, 4527, 4536-40 (major), 4553 (major), 4564 (major), 4572, 4584 (major), and 4600-05 (major)
Trading Plan
The bull case is generally in play as long as we are above the 4373 level, with the 4400 level being essential today. The bear case begins on the fail of 4373. The current complex consolidation zone requires careful navigation, but the general lean is towards a trip to 4433 and then 4450 as long as 4400 holds.
Wrap Up
This week has been a victory for our Technical Analysis 101 principles, with the ES rallying and pulling back at key levels. With several core structures and levels being monitored, the current consolidation zone requires careful navigation. As always, the trading plan depends on the holding or failing of key levels.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
