EX/SPY Weekend Look (Oct 25-19)
Here's the look going into the week of Oct 25-29. ES has a carbon copy look to the NAS but has already broken the all time high. Friday gave us weak pull back which has recovered some what in the overnight session. The main catalyst being the mega cap earning coming out this week. The reaction to the earnings from big names like AAPL, FB, MSFT, GOOGL, AMZN ext should set the tone and drive the narrative.
ES has the same bearish harmonic as the NAS completing at the 1.13. I am treating this as a target zone not an area to short. On the bull side I tend to use these levels as targets because they can draw price up. If price can break through the 1.13 I would see that as very bullish with a potential move up to 1.618. If the market decided to pull back further before a run up look the black dotted line below and the neutral should are potential bounce points.
ES has the same bearish harmonic as the NAS completing at the 1.13. I am treating this as a target zone not an area to short. On the bull side I tend to use these levels as targets because they can draw price up. If price can break through the 1.13 I would see that as very bullish with a potential move up to 1.618. If the market decided to pull back further before a run up look the black dotted line below and the neutral should are potential bounce points.
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ES at the 1.13...lets see what happens. Usually a quick reaction if its going to to happen. Breaks above and holds then higher highs expected.
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Fell back at the 1.13 then broke above so bullish move continues. Big level in 4600/4631 though especially with the FED meeting coming up. That would be my stop for a short on the bearish harmonic. If it keeps moving higher it signals the market is in a euphoric/emotional state. ie technicals do not matter.
