Hello Everyone,
Quick Note: Over the weekend we saw some action in a few markets. Initially we saw a quick spike down on BTC to test support around 17,500 zone - it managed to hold and rally back up to just under 22,000. This seemed to embolden the equity futures which rose Sunday and Monday leading to a gap higher on the SPX today. The SPX managed to reach 3780s (1.62x of first leg) and then trading morphed into roughly 25 point range for the remainder of the session. The SPX did mange to poke it's highs later while QQQ/IWM drifted sideways. Tomorrow, Chairman Powell starts his two days congressional testimony and thus we should expect some gyrations. Thus far, we can characterize the action as a reversion to mean bounce (around their respective 9 day EMAs). With the 2/4 hour RSI overbought make sure you are trailing up stops as we could see a dip. My pivot on the ES for tomorrow is 3780 so open/bid above favors more upside probing 3800-3830 while remaining below suggest a test of lower support levels 3750 3720s 3700. Volume today was tepid.
Please take a moment to look at the trade ideas.
