Hello Everyone,
Thursday Comments:
Following Wednesday's sharp decline, the indices gapped slightly lower and then traded in a range for the session (bear flag pattern). Chairman Powell has an event tomorrow at 2 pm EST so I'm sure traders will be glued to his words. The seasonality has been playing out nicely with the expected weakness in later half of September. Today we saw a big move up in Treasury yields with the 2 year closing above 4.1 percent. These are the highest levels in 15 years.
Besides the flag pattern , some levels I'm watching are resistance ES 3810 3825-35 and support 3760-70 and 3720 (larger pivot levels) but please see all such levels posted on the sticky post in the trading community. SPX 3721 is the July low as well.
Please take a moment to look at the trade ideas.
