Hey Traders,

gold broke down from the channel, possible bear flag today and looks like it might be heading for backtest of the channel with 200ema on hourly lining up right in the area, that would be a decent short set up considering it has been reacting pretty well to both this week:

Will have to get above red line 50ema on hourly first.

On daily charts, still seeing best long opportunity at trendline, 50ema daily:

Which are unfortunately running away from 50% retracement of the whole move, as that would likely add to the odds of a bounce.

Cheers

Vlad

last 5 $ES_F closes 939.5, 938.75, 940.5, 940.5, 940.25

Update Cash CLose:
talk about a market that is not going anywhere in a hurry… last 4 $ES_F closes 939.5, 938.75, 940.5, 940.5 and today won’t be much different, 941 - 50% retracement from overnight highs.

Better days will be here in 3.5 billion years…

Have a great rest of the day

Vlad

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Update 2:56pm:
Watching retracement from overnight highs right in the area of the pivot on the way up at 941:

As always be careful during last hour

Update 1:37pm:
next big ambush is at 922 which is retracement of 3 week action and also previous s/r level. At this point after some technical break downs ambushes from today’s highs should also be considered.

below there,  likely heading for retest of 200dma which today is at 911.

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Good Morning Traders,

considering 955 holds, watching ambush retracement at previous resistance level of 946.25 for immediate direction clues (would also be backtest of neckline of head and shoulders from yesterday’s intraday update, with target of 967), with ambush from the bottom of the range being 940.25.

Good luck and good trading to all

Vlad

Hey Traders,

Taking a top down look at the euro while getting ready for overnight/tomorrow’s sessions.

Firstly, on the daily charts, euro is somewhat in no mans land with key longer term support and resistance levels being rather far away:

With resistance provided by the trendline connecting two big swings highs and major support on the downside at fib confluence and 50ema in 1.36 area. With another huge area of turning up 200dma and trendline in high 1.36s.

Zooming in further to hourly charts:

Euro is stuck between two ambushes, in what looks like potential head and shoulders , set up very similar to the one on June 3rd , see 3rd chart of Daily Euro analysis for June 3rd the target of that head and shoulders was hit perfectly.

With break above / below these retracement zones probably taking euro to price levels outlined on daily charts.

Shorter term there is no clear overhead resistance until the big daily trendline above 1.41s, below, there is a decent long entry attempt setting up at 1.3954 fib cluster and previous resitance level:

(that level will be a bit different if high above 1.4103 is made, will keep you posted in intraday posts as always)

And as I will be posting in analysis for all euro  , sp500 and gold, dollar is key as to where this goes next, will be watching this retracement zone for further direction clues:

Cheers

Vlad