V3:T1 /ESH18 - S&P500 - My Thoughts_BuyTheDip!
מעודכן
S&P 500 recovery has been fair. In sequence ESH2018 made a bottom on 2/05/18, this low was 2529.00. Yet price climbed back to close the day at 2684.50. Then on 2/09 the low was retested to 2530. Again price retraced 50% of the move to close at 2621.
S&P proceeded to move higher off these lows with strength. Closing higher on daily time frames throughout the end of February signals the market has plenty of buyers. However, as soon as it formed the second higher high, the market got too heavy. The first week of March traded below our most recent higher low formed by the minor trend made up trending out of the bottom - 2682. Marking a short-term shift to neutral.
There is an argument for bullishness into next week. We have made higher high on the daily and simply tested the low to knock out long traders to free up the market.
There is also an equally strong argument that we are due to retest the lows again. S&P has a historical tendency to form a 3 prong bottom of which I'll post historical charts in the comments. The daily slow stochastic also tells the down move is not over. But when that stochastic turns I want to be long this market 10 fold.
If this week trades above the green line, I will cautiously proceed to place long trades with tight stops behind the low we just formed. Long positions considered with stops below the 02/05 low.
If the market trades lower I will NOT short below the red line even though there is enough room to consider quick scalps on the way down. Instead, I'll be patiently waiting for the distribution zone to be tested, to pickup some stocks and IRA portfolio fillers on the cheap. I would consider a theoretical stop loss if we CLOSED a WEEK below 02/05 low.
Notice the Dark blue Fibonacci retracement is ran from a weekly perspective on the Trump rally low to the highest high and is very important concerning future movement. The light blue Fibonacci retracement is ran counter trend from the highest high to the bottom found on 2/05.
Volume 3 will be dedicated to positions and trades taken based off this idea on S&P Index.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
S&P proceeded to move higher off these lows with strength. Closing higher on daily time frames throughout the end of February signals the market has plenty of buyers. However, as soon as it formed the second higher high, the market got too heavy. The first week of March traded below our most recent higher low formed by the minor trend made up trending out of the bottom - 2682. Marking a short-term shift to neutral.
There is an argument for bullishness into next week. We have made higher high on the daily and simply tested the low to knock out long traders to free up the market.
There is also an equally strong argument that we are due to retest the lows again. S&P has a historical tendency to form a 3 prong bottom of which I'll post historical charts in the comments. The daily slow stochastic also tells the down move is not over. But when that stochastic turns I want to be long this market 10 fold.
If this week trades above the green line, I will cautiously proceed to place long trades with tight stops behind the low we just formed. Long positions considered with stops below the 02/05 low.
If the market trades lower I will NOT short below the red line even though there is enough room to consider quick scalps on the way down. Instead, I'll be patiently waiting for the distribution zone to be tested, to pickup some stocks and IRA portfolio fillers on the cheap. I would consider a theoretical stop loss if we CLOSED a WEEK below 02/05 low.
Notice the Dark blue Fibonacci retracement is ran from a weekly perspective on the Trump rally low to the highest high and is very important concerning future movement. The light blue Fibonacci retracement is ran counter trend from the highest high to the bottom found on 2/05.
Volume 3 will be dedicated to positions and trades taken based off this idea on S&P Index.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Your data may be different. |V1-T1 = Volume 1-Trade 1| Material is educational only. Trade at your own risk!
הערה
End of Monday marks a nice little rebound out of our fakeout area. Strong buy signals are very bullish. I expect we are about to run up to 2775 area in the next two days. I traded long in TV Simulatorהערה
Long 2673.00 +1. Sell 2692.00 -1.הערה
After a failed test of the green directional pivot, this 30 min chart shows the after market reaction. ES may be due for more downside. I have been thinking the lows are due to be tested.הערה
Always, no matter what, buy the S&P500 with aggression off stupid moves like this. Trail profits with NO LIMIT! This trade idea was VERY profitable.
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