Hello Everyone,
Quick Notes: The SPX/QQQ gapped higher on today's open but within the first 5-15 minutes sellers took control taking these indices lower to fill today's gap and then continued lower to test short term support from last week and then both indices simply traded in a range for the balance of the session. Strange day with the SPX/QQQ showing a bearish outside reversal day but a pretty strong breadth day with advancers easily outpacing decliners. Clearly, some of the bigger cap
names weighed on these indexes today. Welcome to summer trading which can certainly be tricky. The key here is to remain prudent with new entries and adhere to your overall plan. ES has resistance overhead at 4245-50 and 4270 then around 4300-30. Support below is 4195 and 4170-80 then around 4145-50.
Please keep some hedges handy to deploy in accordance with your plan.
Please take a moment to look at the trade ideas.
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5/20: NEW SPX Daily DVT = 4060, 2 day candlestick chart 4065