ES Journal - 2023/2024

[Laissez Faire]

Fine! Futures overnight will breakthrough resistance and we gap up tomorrow

The daily as discussed yesterday is now starting to look a bit toppy if we can't reverse off this 4150 level by the RTH Open. Not so sure a gap down open today will reverse higher.

 

[Master Pu]

The daily as discussed yesterday is now starting to look a bit toppy if we can't reverse off this 4150 level by the RTH Open. Not so sure a gap down open today will reverse higher.

The SPX hovered around 4150 for more than a week, unable to surpass it despite attempts to break above 4200. On Tuesday it reached a high of 4172, causing short stops to be cleared, but it subsequently fell to 4125, remaining in the middle of its short-term range. If it breaks below 4120, it may trigger a decline to clear long stops between 4090 and 4060. Although there is still time for the swing to trend above 4300, the failure to break higher each day weakens the upswing. The daily MACD is starting to curve over, indicating early warning signs of a trend reversal. In short, the S&P looks toppy in the short term, and a break below 4120 may lead to a decline towards 4090-4060, but the expectation remains for it to trend above 4300 after weak longs are shaken off.

 

[Laissez Faire]

Bought this dip (49). Will stop out at 45 and consider shorting this if we stay below 50. Assuming range low is holding here, although I think this dipped a bit too far.

Need to see some bidding above 50 to convince me we're going higher again. Short trading day today, so will probably be happy if I get 10 points from this and call it a day.

 

[Laissez Faire]

Dip buyers showed up.

Let's see if we can find a bid above 50 now or if it's more churning going into the Open.

 

[Laissez Faire]

Stopped out on that long on this push lower. May re-enter long in a bit if this swing low holds. Economic ### coming up in 23 minutes.

 

[Laissez Faire]

Looking more and more like this can actually sell off today.

The entire week so far have been multiples pushes higher which all failed.

 

[Laissez Faire]

Running stops left and right, but still holding up well here. If this catches a bid on the Open, I'd say we have a good chance of recovery, but I would use a tight stop just below the Open as this can easily turn into a sell.

 

[Laissez Faire]

ES reversed off yesterday's low here. NQ back inside yesterday's range and ripping.

Let's see if ES makes it on the second attempt. Could be a reversal area. Long bias in effect as long as the Open holds.

 

[Master Pu]

Near the bottom TL of the Daily channel.

 

[Laissez Faire]

Once (if) we get back inside yesterday's range, there's the weekly open at 61 and prior week close at 63.

Worth paying attention to.

If we hit a bid inside yesterday's range I would think 80 is possible - once again.