8/30 Daily Recap, Outlook, and Trading Plan
Recap
As anticipated, the ES put in a core setup and a major bottoming pattern last Friday at 11am. Since then, it's been a steady climb to the upside. I got long at 4385 and have been holding since, turning it into an incredible 120 point long. As I predicted on Monday, the bull case played out exactly as expected, with the ES basing under 4448 all night, then taking the run up to 4474-76. ES did not stop there, instead running for 4515 which has been my macro target all week.
Market Outlook: Bullish
The Markets Overnight
🌏 Asia: Up a bit
🌍 Europe: Up slightly
🌎 US Index Futures: Near unchanged
🛢 Crude Oil: Up
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Down
World News
U.S. Commerce Secretary Gina Raimondo critical of Chinese business environment.
Key Structures
The key structures I'm watching now include the purple declining channel from the August high, the 4458 & 4548 zone, the 4408 level, and the 4376 support. These structures provide context to the daily price action and are not meant to be predictive.
Support Levels
Supports are: 4498, 4487-93 (major), 4475, 4466, 4458 (major) 4454, 4448 (major), 4440, 4430, 4424 (major), 4417, 4409 (major), 4403 (major), 4392-89, 4374-76 (major), 4358, 4348 (major), 4338, 4330, 4318-21 (major).
Resistance Levels
Resistances are: 4513-15 (major), 4523, 4527, 4537 (major), 4544, 4557 (major), 4570-72 (major), 4585, 4592, 4597 (major), 4607 (major), 4615-18, 4628, 4637 (major), 4651.
Trading Plan
After such a major move, it's crucial to trade carefully and selectively. The first major support down is 4487-93. If this fails, we could see some selling and any longs would be considered knife catches. The first major resistance is 4513-15. If we overthrow to something like 4523 then lose 4515, it may represent a more attractive setup for those interested in these.
Wrap Up
The bull case has played out as expected and now it's time to step back and wait for the market to reveal its next move. After a big move, it's crucial to trade light and patiently wait for price discovery. If we clear 4513-15 with force, we simply continue up the levels to 4537 then 4570 direct.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
As anticipated, the ES put in a core setup and a major bottoming pattern last Friday at 11am. Since then, it's been a steady climb to the upside. I got long at 4385 and have been holding since, turning it into an incredible 120 point long. As I predicted on Monday, the bull case played out exactly as expected, with the ES basing under 4448 all night, then taking the run up to 4474-76. ES did not stop there, instead running for 4515 which has been my macro target all week.
Market Outlook: Bullish
The Markets Overnight
🌏 Asia: Up a bit
🌍 Europe: Up slightly
🌎 US Index Futures: Near unchanged
🛢 Crude Oil: Up
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Down
World News
U.S. Commerce Secretary Gina Raimondo critical of Chinese business environment.
Key Structures
The key structures I'm watching now include the purple declining channel from the August high, the 4458 & 4548 zone, the 4408 level, and the 4376 support. These structures provide context to the daily price action and are not meant to be predictive.
Support Levels
Supports are: 4498, 4487-93 (major), 4475, 4466, 4458 (major) 4454, 4448 (major), 4440, 4430, 4424 (major), 4417, 4409 (major), 4403 (major), 4392-89, 4374-76 (major), 4358, 4348 (major), 4338, 4330, 4318-21 (major).
Resistance Levels
Resistances are: 4513-15 (major), 4523, 4527, 4537 (major), 4544, 4557 (major), 4570-72 (major), 4585, 4592, 4597 (major), 4607 (major), 4615-18, 4628, 4637 (major), 4651.
Trading Plan
After such a major move, it's crucial to trade carefully and selectively. The first major support down is 4487-93. If this fails, we could see some selling and any longs would be considered knife catches. The first major resistance is 4513-15. If we overthrow to something like 4523 then lose 4515, it may represent a more attractive setup for those interested in these.
Wrap Up
The bull case has played out as expected and now it's time to step back and wait for the market to reveal its next move. After a big move, it's crucial to trade light and patiently wait for price discovery. If we clear 4513-15 with force, we simply continue up the levels to 4537 then 4570 direct.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
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