7/25: Daily Recap, Outlook, and Trading Plan
Recap
In my last newsletter, I predicted a bounce from 4564 back to 4580-90, and this played out perfectly yesterday. ES has now put in 5 daily candles stacked side by side, suggesting a large move is incoming. We are now consolidating for the next big move, with the FOMC on Wednesday being a potential catalyst.
Markets Overnight
🌏 Asia: Mostly up, China up strongly
🌍 Europe: Up a bit
🌎 US Index Futures: Mixed
🛢 Crude Oil: Down a bit
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Down slightly
World Headlines
Key Structures
The pattern forming now looks like a rough triangle, with 4560-62 support, and 4590-92 resistance. Some core big picture structures and levels I am watching now include 4590-92, 4560-62, 4539, and 4493-97.
Support Levels
Supports are: 4583, 4572 (major), 4560-62 (major), 4548, 4539 (major), 4529, 4523, 4516, 4505, 4493 (major), 4487, 4476 (major), 4460-63, 4448-50 (major), 4441, 4433 (major), 4418 (major).
Resistance Levels
Resistances are: 4593-95 (major), 4604 (major), 4616, 4629 (major), 4640, 4655, 4667 (major), 4676 (major), 4683, 4694, 4703 (major).
Trading Plan
Currently, I am still holding my 10% long runner. With today being a pre-FOMC day, I would not be surprised to see very complex, difficult bi-directional chop. The key supports today to watch are 4572 and 4560-62. If we do get the breakout, I would not be surprised if we run to 4630 before any micro-dip.
Wrap Up
In summary, we remain in complex chop and this should be the case until FOMC on Wednesday. This will be a level to level traders market. I see 4590-4560 as being pure chop. Ideally, we can sell to test 4572ish, perhaps bounce there back up the levels and continue filling out the above-mentioned range and triangle until FOMC, which would favor a bullish breakout. If 4560 fails, its short to 4539.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
In my last newsletter, I predicted a bounce from 4564 back to 4580-90, and this played out perfectly yesterday. ES has now put in 5 daily candles stacked side by side, suggesting a large move is incoming. We are now consolidating for the next big move, with the FOMC on Wednesday being a potential catalyst.
Markets Overnight
🌏 Asia: Mostly up, China up strongly
🌍 Europe: Up a bit
🌎 US Index Futures: Mixed
🛢 Crude Oil: Down a bit
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Down slightly
World Headlines
- China’s Politburo vows to “adjust and optimize policies in a timely manner” and increase stimulus to jump start economic recovery.
- Russia attacks Ukraine grain export infrastructure and ports.
Key Structures
The pattern forming now looks like a rough triangle, with 4560-62 support, and 4590-92 resistance. Some core big picture structures and levels I am watching now include 4590-92, 4560-62, 4539, and 4493-97.
Support Levels
Supports are: 4583, 4572 (major), 4560-62 (major), 4548, 4539 (major), 4529, 4523, 4516, 4505, 4493 (major), 4487, 4476 (major), 4460-63, 4448-50 (major), 4441, 4433 (major), 4418 (major).
Resistance Levels
Resistances are: 4593-95 (major), 4604 (major), 4616, 4629 (major), 4640, 4655, 4667 (major), 4676 (major), 4683, 4694, 4703 (major).
Trading Plan
Currently, I am still holding my 10% long runner. With today being a pre-FOMC day, I would not be surprised to see very complex, difficult bi-directional chop. The key supports today to watch are 4572 and 4560-62. If we do get the breakout, I would not be surprised if we run to 4630 before any micro-dip.
Wrap Up
In summary, we remain in complex chop and this should be the case until FOMC on Wednesday. This will be a level to level traders market. I see 4590-4560 as being pure chop. Ideally, we can sell to test 4572ish, perhaps bounce there back up the levels and continue filling out the above-mentioned range and triangle until FOMC, which would favor a bullish breakout. If 4560 fails, its short to 4539.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.