ES/SPY Weekly Levels (Oct23-27)

Here are my levels for ES. Price has already bounce from the H-pattern sharply back up into the higher time fram 382 Fib retracement. Price must establish above the 382 for bullish continuation. May see some sideways price action now going into big earnings.

SUMMARY

• ES finished the week with a loss of 2.46 % after trading in a range of 178 pts.
  
• ES Rejected at the 55 ema and closed well below the 200 SMA
  
• Price is now below the 9/21/55 emas and the 200 SMA
  
• Break below the Oct 4th low puts 4144 in play.
  
• Bond yields continued their uptrend with the 10 yield tapping 5% for the first time since 2007.
  
• Despite rising yields and the backdrop of war Powell's speech remained hawkish.
  
• Gold & Bitcoin are showing strength.
  
• Only sectores above thier 200 SMAs are XLV, XLE, XLC, XLI & XLK
  
• Huge week of earning ahead with report from AMZN, MSFT, META & GOOGL.
  
• Econ data this week includes PCE plus a speach from Powell.
  
• ES Starts the week in a unpredictable H-pattern
  
• Escalation of the Israeli/Hamas conflict is a real risk
  

تعليق:

Here is the h-pattern I am talking about. Bearish setup that often bounces sharply trapping shorts.