Here are the levels I'm using this week. Key things to watch are the PPI & CPI data as well as earnings from big retailers WMT and HD. Powell also speaks this week on Tuesday. Bullish momentum continues but NQ is coming into a completion zone for a bearish Harmonic at the 886 Fib. Potential bullish momo into that level then heavy resistance.
SUMMARY
SUMMARY
- ES posted a weekly gain of 1.55% after trading in a huge 108 pt range
- ES broke through 618 resistance and tapped the 786 Fib retracement
- R2 = May 10th High (5264)
- R1 = LTF 786 Fib RT (5251)
- S1 = LTF 618 Fib RT/9 ema (5188)
- S2 = 21 ema (5169)
- Price has completed a measured move into the 786 Fib.
- Bearish Harmonic pattern now in play with completion zone at 5289.
- Heavy week of econ data ahead with PPI on Tuesday, CPI on Wednesday and Powell speaking.
- Earning season is wrapping up.
- Notable strength in defensive XLU & XLP sectors
- Earnings from big retailers WMT & HD due out.
- Sell in May effect in play.
- RSI 59.99| VIX at 112.56 | 10 year 4.50%
