Bias switched to bear yesterday. I thought the daily 18ma and pitchfork fib would hold - they did not. As of this morning it looks like a C wave down is in the cards to test the lows next week.
If CPI reaction is up after 830, look for resistance and a possible shorting opportunity at about 3800 (18ma) (orange path). If it sells down, it may find support at 3720 and then bounce back up to 3800 to take out shorts and test the 18ma as part of a 1-2 of C (yellow path).
The sell off is unlikely if they get over the 18ma again today (hold over 3800).
Good luck!
If CPI reaction is up after 830, look for resistance and a possible shorting opportunity at about 3800 (18ma) (orange path). If it sells down, it may find support at 3720 and then bounce back up to 3800 to take out shorts and test the 18ma as part of a 1-2 of C (yellow path).
The sell off is unlikely if they get over the 18ma again today (hold over 3800).
Good luck!
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nope, didn't see that - going to 3950 probably
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daily 18ma on the ES is 3800 - look for a test before more upside.
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pitchfork fib is 3830 area, they may only pullback to there - rally into Friday likely.
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possible tag of trendline would get it close to 4k
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it's a very fast move - I'm being cautious. If they get under 3800 today it's a bull trap for sure. Have to keep an open mind when I see moves like this and not fall into a trap. Good luck all!
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Dollar channel may break down here but if it holds it would be a bear trap.
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SPY will be at the 100ma at open - the upper BB is 3 dollars higher. This should be hard resistance, so tread carefully.
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The pump could have been the completed b wave, we'll see.
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100ma and BB area resistance
