Prices are all over the place again this morning. We appear to be finding continued support along the lower side of the long-term range on the daily chart. Prices tested that level again during the overnight session, then again, this morning before pushing higher for now. As of this posting, I will call this mixed […]
Prices dropped considerably at the Sunday evening opening of the overnight trading session leaving a large overhead gap on today’s chart. The gap down and the subsequent continue push lower have created a very oversold condition in the ES. Prices can stay oversold longer than you can feed a margin account, so never assume that
The ES sold off strongly again this morning and even made new recent lows. Prices are bouncing at the moment and may close back inside the long-term range, but it’s early so we will have to see how the day plays out. I’m concerned that prices want to go lower, but things can still go
Prices are down to mixed and have been range bound most of this trading session. Prices continue to find resistance at the midline on the daily chart, making it difficult to sustain any type of rally. Prices are currently testing the overnight lows, and if that gives way, we could see prices retest the lows
After a brief correction during the overnight session, prices are rallying higher again today. Prices appear to be working on a 2nd leg up, and that target would be up around 6894.50 should prices make it. There is a small lower gap, and prices would need to trade down to 6814.00 to fill that gap.
I was concerned that the daily chart was hinting at a further sell off, and it looks like that sell off is coming sooner than I even anticipated. The fighting in the middle east is expanding it seems, so this is obviously having a very negative effect on the markets right now. The good news
The market is rallying so far this morning. What looked to be another possible range day has seen prices shoot right through the overnight highs and continue upward. Prices are pulling back as you would expect, as they will want to test the overnight highs even if they will continue higher. There is a break
Prices trended lower again early today, leaving another overhead gap on the chart this morning. Since finding support, prices have moved sideways to mildly higher, so we could see an attempt to fill the gap, and that target would be up at 6903.75. No matter how the day plays out, there is likely to be
So much for the rally yesterday, as prices have already taken it all back plus some and the day is hardly started. There is an overhead gap on the chart, but whether or not prices can fill that gap today is difficult to say. It would take another strong rally to do so but just
The ES is rallying again this morning. Prices appear to be finding resistance for the moment, and although there is still an upward bias for now, that bias could be changing as I am typing this up. Prices could trend down or even chop sideways, but another run at the highs is still very possible.