$ES_F/$SPY - Thoughts for this Week & Beyond
Some thoughts on SPY/ES_F:
The right-hand chart consists of 1month candles. I took the range of the 08 crash and extended it a few times - each box represents a full 100% extension.
November 2020 gave us what may considered to be a "blow-off top" - I saw this as an opportunity to extrapolate the uptrend established in 09. Whether or not this continues to be fruitful is yet to be seen.
📈 I remain bullish with a de-facto upside trigger of ES_F 3860
📉 Downside trigger is ES_F 3806
🔑 Takeaways here:
We are nearing a pretty significant resistance region of ES_F 3889-3998. It would be wise to de-leverage and see how we handle it before proceeding.
That being said, outlook for the immediate term is positive.
Leave some feedback below if you have any!
And don't forget to like and follow if you'd like more 👍
The right-hand chart consists of 1month candles. I took the range of the 08 crash and extended it a few times - each box represents a full 100% extension.
November 2020 gave us what may considered to be a "blow-off top" - I saw this as an opportunity to extrapolate the uptrend established in 09. Whether or not this continues to be fruitful is yet to be seen.
📈 I remain bullish with a de-facto upside trigger of ES_F 3860
- This targets: 3872, 3879, 3889, and 3906.
- Extended target 3998
📉 Downside trigger is ES_F 3806
- This targets: 3784.50, 3766.75, 3743.50, 3738
🔑 Takeaways here:
We are nearing a pretty significant resistance region of ES_F 3889-3998. It would be wise to de-leverage and see how we handle it before proceeding.
That being said, outlook for the immediate term is positive.
Leave some feedback below if you have any!
And don't forget to like and follow if you'd like more 👍
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