Hello Everyone,
Quick Note: Since the lows we have been tracking the rising channels in both the SPX/QQQ on the 15 minute charts. Last night, Matt discussed the recent action to likely be a wave 4 which proved to be correct with a push up to new highs today. The SPX started out the day testing yesterday's low and held the support trendline I posted on the SPX 10 minute chart before starting to trend higher. Both the SPX/QQQ made new uptrend highs which is the minimum requirement for a wave 5. Please understand that this can extend higher but now we must be on watch for a reversal (correction of some sort). Therefore, please trail up stops in accordance with your objectives and risk tolerance. Matt sent out a separate email tonight discussing additional SPY (reversion to mean) trades so please review.
On ES support 4135 with resistance 4195 4220s 4255
Please take a moment to look at the trade ideas.
