Good Monday, Traders!
While markets have been falling, I’ve been looking ahead to see where the next big opportunities may arise.
And today, I just published my latest Weekly Idea via TradingView on the S&P 500 (ES) futures market.
The Trade Setup
The ES daily time frame is in a down channel, with the market just above the bottom of the channel.
There is a down Fibonacci with an extension price point at 4,070.50, currently about 241 ticks below the market, which equals the daily support.
It will be a good idea to let the market fall bearish towards the daily support price point 4,070.50 and see if…
- The market will either break above the short term down trend line and push bullish towards the top of the channel price point 4,493.75, about about 1,414 ticks above the market
- Or break below the bottom of the channel and show signs of pushing bearish towards the monthly support price point 3,004.50, about 4,510 ticks below the market.
To be clear, there is not enough evidence to make a decision for long or short, and more candlesticks are needed to make that decision.
We’ll do our best to keep you posted as this idea progresses…
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Keep on trading,
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