Hold-Bounce-Fail-Retest-Fail-Hold...? - February, 15, 2022

 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...


$MES Daily Chart

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
$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 if the major markets hold and rally past some key levels, look for stocks to rally back to the all time highs. 

I have some other charts, but I'll save those for another post later this week. 

Markets I'm currently watching besides $ES/$NQ: crude oil($CL), copper($HG), VIX, and bond futures($ZN, $ZB). 

That's it for today! If you want to know more or have any questions, feel free to contact me anytime or check out our live streams!

Don't forget to join us in our Discord server! ---> https://discord.gg/PXQBNZvHYN

 

See ya next time,

Jeff



Comments

Post a Comment

Popular posts from this blog

CLEAR SKIES ABOVE...? FOMC Day + Interesting Charts $AMD $AMZN $SPY $SPX $TTD $NQ

Image
CLEAR SKIES ABOVE...?  FOMC Day & Charts to Watch Key Takeaways:   The Federal Reserve raised interest rates again today +25bps. Powell signaled that they will likely raise rates again at next month's meeting.  Markets sold off initially, but rallied into the close --> bullish Earnings not that bad + stocks reacting positively to bad news What's all this mean?  At least short term, markets look like they are poised to continue to move higher. Let's take a look at some charts of interest that give us a pretty good idea of what we can expect in the short term.   I posted these charts in our Discord server on January 27, 2023.  I'll post the updated, as of today charts along with those from January 27th.  I'll start with $SPX and $SPY: NASDAQ: A few other interesting charts: $AMD $AMZN $TTD UPDATED CHARTS AS OF FEB 1 2023: Bunch of other stocks, ETF's, sectors, and markets are looking good for opportunities. Tune into the live stream or check out our videos
Read more

LOWS BREAK, VIX SPIKING - LOOK OUT BELOW? ~ February 23, 2022

Image
 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
Read more