Update Ca$h Close:
rather good trading day, with morning highs, intraday lows and afternoon rally highs being predicated by Mr Fibonacci and spotted in this intraday analysis. Check back later for daily market summary.
Update 2:31pm EST:
ES has found support at the first ambush listed in early morning update and is now retraced to the base of H&S on the latest screen shot, if it wont bounce and resume plunge there, next two short entries are:
Aggressive short ambush 844.75
Conservative 848.75
Update 12:16pm EST:
853.5 ambush zone held and now as Obama is speaking market is plunging.
I am doing some last nano second tax work, so wlil not be able to update as often.
There is a head& shoulders forming in ES over the past few days, with a target of retracement to roughly 23.6% retrace of the current rally and would be rather realistic natural pullback in price action to ~815 level.
headandshouldersdailyesIf the pattern fails as H&S patterns frequently do, Retest of highs is expected.
Update 10:31am EST:
ES traded right up to last ambush short from the highs at 850.75 with new high tick of the day to confirm recent high, some pullback is expected here, if ES breaks above 853.5, retest of overall rally highs becomes likely.
Obama speech in less than an hour.
Update 10:14am EST:
still watching for reaction at 849 ambush short on the upside, retest of lows and below listed support levels on the downside
Update 10:13am EST:
Here is just another reason to trade futures, you will sure as heck wont wake up to something like this:
dndn
Update 9:50am EST:
considering 840.50 low holds, 849 will be key short entry level to watch on the upside.
Good Morning Traders,
lots of earnings, news and speaches today on top of already expected OPX wipsaw. First key level to watch on ES is 843 and also the trendline that falls in that area. Below there Support expected at 836.5 and 831. On the upside considering few previous broken short ambushes from the highs overnight, so will have to see some daily action before evaluating good shorting levels, above that short term trendline bullish set ups will be favored.
2500tick
Max Pain on Spy options is still 80.0, rip towards those levels still expected
On the Euro yesterday’s ambush short held and traded pulled back by 150+ pips. Euro is in no mans land, with intermediate term to range to watch at 1.3225-1.3390 for further clues.
Good luck and be careful trading this choppy mess
Vlad