$ES_F - eMini SP500 - Daily and Weekly Review - June 23, 2017
DAILY - Continued contraction with Double NR7 day. Currently holing both the 20D Mid-Range (2427) and 20DMA (2430.25). Trend is up clearly above 50/100/200 DMA's. Longterm RSI has crossed below its moving average but still flat in positive territory. From a trading perspective this Inside day of an NR7 day to make a 2xNR7 should leave you with simple breakout of range trading plan. Gravity has the most potential but a rally back to highs stays with trend.
WEEKLY - 20WkMA (2378.25) is the first big support area. This was also a NR7 Week (red bar) which in review has signaled potential shorterm tops are near. Still in a solid uptrend so without a weekly close below the 20wkMA we are still in the Buy the Dip game. As with everyone it does feel tired and vulnerable to a 5% healthy break, but at this stage we just need to keep following price action.
WEEKLY - 20WkMA (2378.25) is the first big support area. This was also a NR7 Week (red bar) which in review has signaled potential shorterm tops are near. Still in a solid uptrend so without a weekly close below the 20wkMA we are still in the Buy the Dip game. As with everyone it does feel tired and vulnerable to a 5% healthy break, but at this stage we just need to keep following price action.
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Still going! The minor consolidation has only led to Higher Highs - 2500 seems to be the magnet price, but regardless trend is strongly up