Futures are trading slightly down this morning, but otherwise well above yesterday’s low still. Since we have a potential micro 5 waves up off yesterday’s low, there is a setup for possible upside today, either as part of a corrective bounce or even the start of red wave (v) targeting a new local high. 2163 – 2166.50 SPX is the next resistance above if we do see a move higher today, otherwise a break below yesterday’s low should lead to at least a test of the 2139 $SPX support below for red wave (iv).
Longer term Weekly OB as is Daily so momos say lower. VV AD = .75, Razz no sync
30 Minute Chart for $ES_F
$SPX 1 hour Micro view
To Recap:
Weekly Trend Bull Over Bought: A multi-week high should be at or near completion.
Daily Trend Bear: With today’s daily DTosc BearRev in the oscillator range, a multi-day, if not multi-week high should be near completion, if not complete yesterday.
Morning 15m minute ES trade 60m Bull, 15 Bear n o sync for this trade
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
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Good Luck Trading..
