Hello Everyone,
Simply amazing volatility over the past three sessions, wild gyrations with ES moving up and down 100+ points in back to back days. Yesterday, I posted both SPX/QQQ had five waves up with negative divergence on their respective 15 minute charts. In addition, I showed SPY moved into fresh Supply (SZ) which combined suggested some type of retracement today. We got the full Monty on that retracement. QQQ support now at 454 with 452/450 below. IWM gave back over two weeks of gains with a massive bearish engulfing candle after forming a divergent high.
Jammed packed news week concludes tomorrow with Monthly Payroll report. Less is more in this backdrop, trade safe.
ES levels posted on trading community.
Please take a moment to look at the trade ideas.