My reading of today's action is in the chart above. The market might be accumulating, to fuel the next leg up. This accumulation could also see the EU Globex session low re-test @1325.25, which coincides with a 78.6% retracement.
Realized P&L was €914.
I am carrying a 6ES long position overnight and would add 2long@1325.25, keeping the stop below 1319.75.
Hello again Max
ReplyDeleteThis chart is leaving me confused. The period of trading where the background is grey must be between 4:00pm and 9:30am where futures still trade but the markets are closed.
Is this the 1 minute timescale?
SP500 1 minute chart shows a more sloppy V shape. Your chart is suggestive of a cup and handle bullish pattern.
You are right, the grey background is the futures trading, also called Globex.
ReplyDeleteThe timescale here is 5min.
I do not view the market through the eye of standard technical analysis, so I would not comment on the cup&handle, but my message is that of a bullish expectation, at lest least for the next few days.