Good Morning Traders,
SPY Max Pain is 91 today, or about 910 ES, somewhat likely we chop around that level all day somewhat like around 900, yesterdays max pain
After getting a bounce off the trendline / channel on last nights INTC earnings pop, ES has retraced and made a new high since. ES will open at most overbought levels in a long time, more on that after the opening bell.
919.25-920 is Gap fill from 7/1 and 61% line from highs, that should be one of key levels on the upside with 928.5 the top or “right shoulder” being another one.
Euro is approaching top of the wedge, with break above meaning likely trip to retest major weekly trendline just 150 pips above
Gold has also reached very overbought levels, right below key pivot of 945-948 which has acted as s/r multiple time, with 948.5 being 50% retracement from highs.
At any rate , please remember that today is OPEX Wednesday, if you choose to trade be VERY careful
will keep posted on Twitter @esecfutures and blog as new technical developments take palce
Good luck and Good trading
After poking fun at “head and shoulderers” when market was breaking down into very oversold conditions, I failed to catch the meat of the move and started trying to reverse back to short way too early, but right now I believe this is getting a bit overextended on the long side.