Here are my levels for the week. Same notes as NQ. I have been really busy outside trading so I have not been able to post many updates. I continue to trade these levels a few hours every morning. Treat the levels as as support, resistance or targets.
The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the one are I feel are the most important for the week. If a level breaks. Look for a move to the next level.
SUMMARY
ES posted a weekly gain of 0.58% after trading in a huge 130 pt range
The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the one are I feel are the most important for the week. If a level breaks. Look for a move to the next level.
SUMMARY
ES posted a weekly gain of 0.58% after trading in a huge 130 pt range
- ES held previous week's high and moved above the 21/55 emas
- ES now only 3.22% of its ATH.
- R2 = LTF 786 Fib RT (5281)
- R1 = LTF 618 Fib RT (5188)
- S1 = 55 ema/ 21 ema (5125)
- S2 = 9 ema (5116)
- Bias has flipped bullish to sideways with move back above the 9/21/55 emas
- Compound corrective move down to the July 27th high & 200 SMA is still possible if price move back below the 2021 high.
- Limited week of econ data but many Fed heads speaking.
- Earnings continues with reports from growth stock including UBER, LYFT, SHOP, TTD, ABNB, MARA, RIVN, PLTR & CELH.
- Sell in May effect in play.
- RSI 52.53| VIX at 13.48 | 10 year 4.66%
