Hello Everyone,
Quick Note: Following yesterday's reversal candle, the SPX gapped higher (back above it's 9 day EMA) and rallied sharply back to it's 38% Fib (of the previous high to low). The short term structure appears impulsive (will discuss more tonight) with an incomplete bullish count (just moved out of a triangle into the close). For now the bulls have the ball with the 20 day MA next resistance overhead. For tonight support on ES around 3785 to keep ES 3820 in play directly from here. After such a quick powerful move, protect profits by trailing up stops and monitoring price action closely. Lastly, we have had some nice trade ideas miners and reversion to mean plays with this bounce.
Please take a moment to look at the trade ideas.
