Hey Traders,
another day of of pain for the bears today as ES continues to grind higher at all cost (or at taxpayer cost). Since Wednesday’s low all pullbacks have stopped at 23.6% retrace from that low with only one to exactly 38%. I have been calling for a bounce at 827.25 in intraday analysis for that particular reaosn.
es100kHeikin-Ashi trend rotation have been extremely useful past week on 100k contract chart, with some possible warning signs as it tried to reverse a few times today.
On the daily this was an extremely important close:
esdailyapril2ES emini had an important close above the ambush confluence zone, orange trendline is expected to act as resistance on the way up. 883 is still the target of this rally, even though some minor pullback is expected from this key area.
Euro has traded above 61% retracement of the rally and suggesting more upside could be in store for the Euro, possibly retesting the highs of the recent rally:
ec5000ecddaily
8:30am EST payrolls in the morning, be careful trading around that time, should be in for another interesting day in these wild markets.
Cheers