2024-09-16 - priceactiontds - daily update - sp500
Good Evening and I hope you are well.
tl;dr
Since today was a very slow day, my weekly update is more interesting than today’s daily update (in case you haven’t read it).
Indexes - Disappointment for the bulls was my assumption for today and that we got. Boring sideways movement in tight trading ranges. DJI was the only market with strength, printing a new ath but closing below 41700, so probably mostly a liquidity grap. Wednesday we have FOMC and I don’t expect markets to move far away from their current ranges.
sp500 e-mini futures
comment: Small green doji on the daily chart. Not much to comment about. Market closed 11 points above the open price and mean reversion was profitable today. I expect the triangle on the daily to hold until FOMC.
current market cycle: trading range (triangle)
key levels: 5400 -5670
bull case: Please see my weekly update.
Invalidation is below 5540.
bear case: Bears got 1 decent bear bar on the 1h chart and bulls bought it. Until bears can print 3-4 consecutive bear bars on the 1h tf, they have nothing going for them. Best they can hope for is to stay below 5670
Invalidation is above 5670.
short term: Neutral between 5600-5670 and I don’t expect a break of this range until FOMC.
medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024.
current swing trade: Nope
trade of the day: Buying bar 39 low was perfect but any bar from 39-46 was ok. Market clearly did not want to go lower then open price is always an obvious magnet on ranging days.
tl;dr
Since today was a very slow day, my weekly update is more interesting than today’s daily update (in case you haven’t read it).
Indexes - Disappointment for the bulls was my assumption for today and that we got. Boring sideways movement in tight trading ranges. DJI was the only market with strength, printing a new ath but closing below 41700, so probably mostly a liquidity grap. Wednesday we have FOMC and I don’t expect markets to move far away from their current ranges.
sp500 e-mini futures
comment: Small green doji on the daily chart. Not much to comment about. Market closed 11 points above the open price and mean reversion was profitable today. I expect the triangle on the daily to hold until FOMC.
current market cycle: trading range (triangle)
key levels: 5400 -5670
bull case: Please see my weekly update.
Invalidation is below 5540.
bear case: Bears got 1 decent bear bar on the 1h chart and bulls bought it. Until bears can print 3-4 consecutive bear bars on the 1h tf, they have nothing going for them. Best they can hope for is to stay below 5670
Invalidation is above 5670.
short term: Neutral between 5600-5670 and I don’t expect a break of this range until FOMC.
medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024.
current swing trade: Nope
trade of the day: Buying bar 39 low was perfect but any bar from 39-46 was ok. Market clearly did not want to go lower then open price is always an obvious magnet on ranging days.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.