TheTraderPOV

 Hey all, I wanted to get out a few charts looking at higher time frames to get an idea of what's going on and what may happen next. First of all, the lows we've talked about the last few weeks that have held up - well, they no longer are holding.  Both $ES and $NQ lows have broke - see below $MES/$ES Daily Chart - lows breaking   $MNQ/$NQ Daily Chart - lows breaking Taking a look at the weekly charts, you can clearly see we have broke the recent lows, both tagging the levels (indicated by the wicks on candles) and now the last couple sessions closing below the recent lows. We've clearly set highs, broke down through the last line in the sand for buyers (demand zone ~$4560s), attempted to rally back to the highs/levels where prices broke down, but couldn't hold.  This to me looks like we are in for more downside to come - at least in the short term. We'll see what happens now till the Fed's March meeting in 3 weeks when rates are supposed to rise(they alread

 What Next? Hey guys, just wanted to give an update to the broader markets again, specifically the $MES/$ES and $MNQ/$NQ. Over the last several weeks we talked about the S&P needing to hold a previous weekly/daily swing low area from last October (2021).  * see below* $ES/$MES Weekly Cash Session Chart   So.... we held that level - then bounced - then failed $4550s-$4600 - retested that area - failed again... As you can see from the chart above, we currently are holding the $4300s most recent swing low. So, if we can hold these levels and set a higher low the markets should continue to bounce for a potential takeout and clearing of  +$4600s.  We can also see this price action happening on the $MNQ/$NQ futures contract as well. *see below* $MNQ Daily Chart - Possible higher low forming For the $MNQ/$NQ we want to see the $14000s hold and this possible higher low forming on the daily chart to complete and get a move above $15200s. We will see how the rest of the week plays out, but

Where Are We Headed Next? Starting the Week ---> Last week we saw the markets continue to rally off the recent lows with a test of close to $4,600's area. See weekly $ES cash chart below   From the chart above you can also see we started the week inside last weeks trading range, and have stalled out around some previous demand/support levels.  Where are we headed next? Let's look at a Daily chart of the $ES to find some likely areas we can see the markets trade.   From the chart above you can see that we've entered previous areas of support, stalled out and potentially may be setup to pull back a bit in the short term.  If the markets can hold around these prices and show some buying/support, look for a move back to last week's highs. If we fail to hold current prices, look for the move back down to the $4,350's to see if we can hold to create a higher low .  If the higher low forms, look for a move back up to last week's highs and beyond.  If it doesn't,