S&P500 MAKE OR BREAK ZONE AS FED RATE CUTS APPROACH
SIMPLE SCALES - COMPLEX FAILS
- Upside: A daily consolidation that holds 5600 would look great as this was a
previous consolidation area. Acceptance above 5650 would break the previous
range highs opening room into 5675, 5700 & 5750.
- Downside: Acceptance below 5600 can start to break a daily support which opens
room back into 5550, 5516, 5488 & 5435.
- Overall Thesis: ES daily pivot looks great, however there is still room for a
weekly and daily lower high. If we lose 5600, this chart can actually get pretty
ugly again. The 5600-5650 range is going to be an important area this week.
- Upside: A daily consolidation that holds 5600 would look great as this was a
previous consolidation area. Acceptance above 5650 would break the previous
range highs opening room into 5675, 5700 & 5750.
- Downside: Acceptance below 5600 can start to break a daily support which opens
room back into 5550, 5516, 5488 & 5435.
- Overall Thesis: ES daily pivot looks great, however there is still room for a
weekly and daily lower high. If we lose 5600, this chart can actually get pretty
ugly again. The 5600-5650 range is going to be an important area this week.
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