looking at the historical charts for $SPX, it has closed within 5.3 point range within three months, so there is absolutely no upside follow through, does this mean we wont break up this tight range? For us to find out in the upcoming weeks, as we get into the historical US presidential elections.
Looking at the $ES_F
- Intra-day: the 60 minutes chart is bullish
- 240 Minutes chart is Bearish
- Daily is bearish
- Weekly is Bullish
Net results today should be a down day, for it to resolve..
240 Minute chart ($ES_F)
The Daily $ES_F chart below shows the corrective pattern of this move up. Many candle bars overlap within the triangle which needs to resolve itself, up or down, Count on this chart assumes the downside, however upside resolution is not out of the questions. Close below 2132 should mean further downside to below Sept lows and close above 2182.75 should mean new ATHs.
given this tight range we have been doing IRON Condor on $SPY and $SPX every week, check room for details
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Thanks
-IKE
