ES NQ Futures Trading

Bullish tone to the market today, with financials (XLF, UYG ETFs) leading the way. Nassdaq lagging

looking to add to existing UYG longs, as well as add new long in XLF - missed on the XLF long below 11.30


S/r we are looking at:
885 ESU9 resistance - may short here

881.75 HOD so far -- important level to note

871/73 ESU9 support - may go long here



NQU9 ---


strong support 1398 to 1402 zone


resistance at 1414/16, 1426/29 and

1443/46
 
Quote from ybforex:

Hi how do U c when the pullback is over
More...

I use two momentum indicators on the 1min, 5min, and hourly charts.
I prefer the histogram charts which show the momentum bars decreasing in height as the pullback progresses and then the momentum bars then level off and start increasing as the pullback ends and the dominant trend reasserts itself.

Will post a chart tomorrow.

My systems are based on S/R and momentum.
 
It could be a case of Buy the rumor, sell the fact when Goldman releases results (expected to be stellar earnings) tomorrow morning.


"A minor upside bias was noted in opening trade with Finance providing leadership following positive commentary from the Street. The indices stalled out shortly thereafter with pressure in Energy/Commodity and tech weighing. The Nasdaq did slip fractionally under Friday's low on this slide but the move was not confirmed by the Dow/S&P with another wave of buying interest in Finance helping lead the market higher into early afternoon trade. After four week's in a row of losses and a 6.6% decline from high to low in July the technically oversold market was due for some relief from the sell side pressure and the late run allowed the indices to close at their best levels of the day.
The S&P broke/closed back above the neckline of the widely monitored head-and-shoulders pattern (894) and its 50 day ema. The momentum generated by the strong run allows for some follow through but it does leave the index a bit extended on a short term basis. Also, after wide range bars form we often see a more choppy/consolidative session. Resistance is at 903 (unchanged on the year/short term technical targets), 908 congestion and 911 (50 day sma)."
 
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