Hello Everyone,
Weekend Comments Directly Below:
Just a quick snippet of SPX charts all of which will be reviewed tomorrow. Odds are a lower high on this bounce (unless SPX takes back 4110).
Weekly Range (within extremes) for ES 3935-4165 The key WEEKLY pivot area for ES 4020/4030 which was the the low zone of the prior three week balance. Strong support zone 3975-35 and strong resistance zone 4125-4165. The initial ES target above which is also decent resistance zone 4075/4080.
On the weekend, I posted that 4080 would be initial resistance if tested and that's what unfolded on Monday with price being stymied at that level and then pulling back to form a shooting star candle on the SPX/ES. RSI was sky high setting the stage for some unwinding. Overnight, ES moved up to test the 4065 pivot where it failed and then lost support when JPOW released his speech text. Tomorrow for starters, I'm watching the 3980-4000 area. Bulls need to break and hold above 4000 to get some upside traction started with 4025/35 being first tough zone. Holding below 4000 would target 3975, 3955 and then 3935 (weekly extreme). JPOW testifies again tomorrow along with Jolts report prior to Friday's big Monthly payroll report. Lastly, I will be watching the VIX for clues and will review below. Keep and open mind and trade what's in front of you.
Please take a moment to look at the trade ideas.
