Update 3:30pm EST: daily AL tested again to the tick watch 831-834 range breakout for further clues
Update 3:20PM EST: daily AL touched to a tick. Watching for further direction and trend clues. break below 828.5 would be bearish, even though in last half hour technicals tend to go out the window
Update 3:05pm EST: 830.5 is daily 50% retracement, good place to watch for a bounce on the way down. Trends are getting a little mixed now. Gotta be careful during last hour
Update 3:01pm EST: ES is currently in AL at 833.50 (at previous high), target of which is 840, 840 is also 61% range expansion of previous range
es840
Update 2:35pm EST: ES broke above 61% line of daily ambush area and is now grinding higher, no reason to get in front of this right now, will be looking for reversal clues.
Update 2:19pm EST:
ES continues to make new highs with no high $tick, 1000k share and 2500 tick both showing bullish trend, looking for break above 836 to further build bullish case.
Euro / EC is is likely to test 1.346 and then 1.35 considering path of least resistance is up
Gold continues to roll over slowly.
Update 2:00pm EST: Break above 836 would really help the bullish case in going to retest 844.5 highs. 836 – 827 ambush consolidation range will be important to watch for further market direction today or next week.
Update: 1:55pm EST: Bank index if flying and ES made a new high by a tick with no $tick confirmation. STill within previously defined range
Update 1:31pm EST:
Trends are getting mixed, watching for 833.5 – 827 range breakout clues
Watch euro 1.3410 as daily 50% ambush
Update 1:28pm EST:
Range expansions on the euro continue to work beautifully this week, here is daily euro chart with expansion off of 10 am ambush
eurorangeexpansion
Update 1:22pm EST: Gold is trading only $1 above march lows, this could get real ugly for gold bugs
Update 1:10pm EST: test of 828.25 ambush area should be key to determining further direction, break below 827 is likely to signal retest of the lows, below there few significant levels from previous posts today. Of course can never count out the upside in this market
Update 12:55pm est:
2500 chart rolled over bearish, very small time frame but could be a clue for another trend change, worked well at the lows. 100k is still green, 60min is red. Little mixed. After London close seems like currencies and commods are going to chill out for a bid.
Update 12:47pm EST:
that level flagged several hours ago continues to work well, 50% on the downside is 828.5, breakout of 828.5-833.5 range should give clues as to further direction.
Update 12:38pm EST: ES has tagged previously talked about 833.5 level to the tick
Update 12:22pm EST: pushing up against trading hours only ambush from the very highs of the rally. 100k share trend has turned green.
Update 12:06pm EST:
2500K share trend rotation was a great signal of trend reversal, currently stalled at 38% retracement from Globex highs, got trend change confirmation from 15 min chart, waiting on 100k contract chart to turn up too. We did have high tick of the day of 1224 on the recent highs.
Update 11:44am EST: If new uptrend continues with a break above 892.5 watch for 833.5 level as 50% retracement form the highs for further clues. Looking for more time frames to turn bullish to favor bullish set ups even more
Update 11:34 am EST: ES SP emini is giving some warning signs on 2500 tick chart of possible trend reversal, we also got new $tick HOD around the lows indicating we could be heading higher, all that said we are in lunchtime chop. Short be careful.
Update 11:18am EST: Trend Summary:
mixedtrends1100k contract trend on es emini has been good to us once again with 1 hr chart stating to roll over. Euro trend is chopping around as it’s looking for further direction in ambush consolidation.
Update 11:12am EST:
Euro range to watch for further clues:
eurorange
Update 11:05am EST:
After finding support at 38% retracement of the rally, euro / ec has ralied almost 80 pips and has found resistance at 50% retracement from 1.3519 high
ES emini has been drifting lower with next major support expected at 821 and 811. Very quiet day today, be careful as we get closer to the close
Update 9:21am EST:
Ambush short on es emini @ 836.75
Euro found support at previously mentioned 38% retracement level to a pip
Update 8:56am EST:
Support levels to watch on ES Emini + gap fill at 810:
essupportlevels
Update 8:40am EST:
Possible Head & Shoulders on the Euro with a target of 1.3252 if the pattern doesn’t fail. If it does work out also expect resistance at the following levels on the way down – Short Term Euro Support Levels
echs
Update 8:31 am EST: numbers are about in line with expectations, -663k vs -660K, prior 651k, market seems to like it at the moment.
Good morning Traders,
ES is trading at highs prior to the payroll numbers, any hint of positive surprise and this thing flies. Also consider that sentiment is that we get a sell off on the numbers and then squeeze right after (derived from many blogs etc). At any rate be careful, let thing calm down a bit at first.
Good luck and good trading to you today.