SP500 at critical level now. SP500 and other markets are making new high’s. On the swing trading time frame’s, we saw some interesting price action. Action that possible cause the markets to pull back if the resistance holds.
Below is the 1h chart for the $ES Emini SP500 futures. Since Tuesday market US open, we have been consolidating between 2138.75 and 2146.00. We have had some “distortions” but overall the pattern is holding.
By consolidating some of bullish momentum is leaving. If the resistance doesn’t break soon, we may be going through a pull back. It is hard to determine if it will be a major pull back or minor until the support is broken at 2138.75.
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose