ES Weekly Levels (Oct30-Nov3)

2023年10月31日

Here are my levels on the ES. Bounce off the 50 Fib to start the week. Can't read much into it as it may just be profit taking going into the Fed rate decision and AAPL earnings. Potential for a strong rally from here but may need to see a flush into the 618 Fib first.

SUMMARY

• ES finished the week with a loss of 2.54 % after trading in a range of 165 pts.
  
• ES broke below the Oct 4th low and traded down to the mid time 50% Fib RT.
  
• ES has dropped 6.6% in the last 3 weeks.
  
• All sectors ended red except XLU that finished the week up 1.21%. Weakest sectors were XLE & XLC
  
• Mega Caps under pressure led to the downside by GOOGL that finished the week down 9%
  
• Gold and Bitcoin continued to show strength. BTC trading above 34k and Gold broke 2000.
  
• Rate decision and Fed commentary on Wed
  
• Heart of earnings season continues with key reports from AAPL, AMD, MCD, COIN, PFE & LLY.
  
• ES has completed 3 drives lower and a full compound correction into the 50% Fib.
  

2023年10月31日

註釋

$NQ_F continues to bounce between the 200sma and the Aug 16th high like a ping pong ball. May do this right into FOMC. Best to take quick trades right now even if price breaks the range as the reversals can be harsh and unpredictable.

2023年11月2日

註釋

Ignore the last post. Was meant for the NQ chart.

2023年11月2日

註釋

ES has pushed up through the Oct 4th low. Now coming into 21 ema resistance Price will need to break the 21 ema to get to the 200 SMA. Nice bounce today but need a follow through day as any move on FOMC day can be retraced 100 percent.

2023年11月3日

註釋

$ES_F back at the channel breakdown point. Would expect some resistance here, especially after such a massive move. Price back above the 9/21/55 emas as well as the 200 SMA. Price will need to get back inside the channel and hold the 55 ema for bullish continuation. Very postive that bond yields have dropped. Also into the most bullish 2 weeks of the year.