Update Cash Close:
Failed to fill the gap, closed above 200dma for 3rd straight day, 50% retracement from rally highs 935.75
Very busy night and day trading, blogging, tweeting and trying to do things “normal” people do.
Some key developments in all markets today, will post daily summaries later on in the evening after taking a closer look at charts top- down, not too sure if bears are right about gloating and having faz parties today celebrating resumption of bear market when all ES did was retraces 27 points of 280 pt run and not even to 50% line form last week’s low, and is still holding strongly above 200dma.
If I trade overnight will be posting levels I watch for currencies, gold and ES futures on Twitter @esecfutures
Very busy day again tomorrow with ECB , Bank of England and US econ data
have a great rest of the day
Update 3:27pm EST:
Just watching at this point for gap fill 921.75 and close in respect to 200dma critical for longer term picture, today 200dma is at 919.75.
Update 2:55pm EST;
New high $tick of the day near lows, possibly trend change, keeping an eye on 930.25 vwap with 936 being ambush from overall rally highs
Update 2:40pm EST:
ES is hanging out around the low. All currencies and commodities are making new lows as dollar continues to show strength. Last hour coming up, should be careful per usual
Bulls might as well fill the gap while down here and maybe backtest 200dma in order to be able to further build on this rally. Bears want to close this back below 200dma.
Update 1:48pm EST:
ES continues to drop, now looking at gap fill 921.75 , backtest of 200dma 919.75, with big ambush support at 917.75. Watching for tick reaction at those levels for possible trend change clues. Would need a low tick at those key levels and then new high $TICK of the day near the lows for possible trend change direction.
Gold is still battling with level from last gold update.
Euro at session lows and getting closer to possible long entry mentioned in last euro update of this post.
Update 12:57pm EST:
ES approaching fib confluence area starting 926.5
If it doesn’t hold expecting gap fill, 921.75 , retest of 200dma 919.75 with support at ambush from the bottom of the range at 917.75 below.
Update 12:51pm EST:
Euro is already down big on the day, next support level I see is in 1.4065 ambush with previous s/r level right below at 1.405
Update 12:15pm EST:
Gold dropped right to that trendline and S2, if it doesn’t hold gold could be in for much more downside
Update 11:53am EST:
Gold below S1 now, expecting some support at 965 trendline/ previous resistance level and daily S2 area
Update 10:53am EST:
ES bounced a tick above previous rally highs of 927.75 which now acted as support and ticks are getting more bullish, still no $TICK reading above 800 though.
Considering 928 low holds will be watching 938s overhead resistance for further direction , (938.25 is also weekly R1 level)
Update 10:05am EST:
Econ Data a non even, still crude inventories to go at 1030am EST
We have unfilled gap at 921.5 and 200dma at 919.75 that have still to be filled/backtested
Going to keep watching reactions and $TICK clues at previously mentioned ambushes for further direction clues
Update 9:55am EST:
ES is getting sold into hard, will wait for all the 10 am data whipsaw to clear and some price action develop
Update 9:45am EST:
in case you guys were too laze to read the support levels from June 2 Daily Summary:
- 938.75 fib confluence, which was front run by 2 ticks and acted as support during trading hours today
- 932.75 ambush from 5/31 overnight lows
- 926.26 ambush from the start of the run last week on Friday which is also in the area of previous rally highs of 927.75
- Below 917.63 ambush from the bottom of May’s trading range and also backtest of 200dma
Also 200dma is around 919.75 today
Good Morning Traders,
Busy overnight session with Australia posting higher than expected GDP reading and many currencies and gold rallying to new highs.
There is still some key market moving data to go:
5:00 am EST - Euro Zone GDP
8:15 am EST - ADP Employment Change
10:00 am EST - Factory Orders
10:00 am EST - ISM Services
10:30 am EST - Crude Inventories
Also, if you have not had a change to yet, here are the latest analysis posts, since market close yesterday:
Have a great trading day and be sure to control you trading ;)