Hello Everyone,
Quick Note: The markets managed to close higher today pretty much in sync with what Matt and I posted yesterday afternoon. Earlier today just prior to noon, I posted a rising wedge (diagonal) that formed just under resistance (3800) which broke down for a nice 50 point move in accordance with a view of another test lower. Then we saw our expected rally unfold taking the SPX right back up to the 3900 area near the close. The market has been oscillating in between 3700-3800 for the past 3 days after gapping up on Tuesday. The bulls have the ball and would prefer to see ES hold above 3765 to make another attempt to breakout above. Next levels above 3825/30 and 3855/60.
Keeping it simple for tomorrow on ES 3750 Support and 3800 Resistance (Range to Monitor)
Please take a moment to look at the trade ideas.
