Friday, June 14, 2024

ES Morning Update February 2nd 2016

ae78dd01-c0e6-4e04-b751-ea29624659afFutures broke rising support and now look like they are headed down to around 1900 where the next support is.

MACD's on this 2 hour chart could bottom and turn back up soon, possibly at the 1900 area support.

The futures most likely topped yesterday and we should start an ABC move down.  First support is around 1900 area from the horizontal breakout level.  If we get a bounce there it could go back up to a "possible" FP level on the SPY this morning (could just be a late fill as it matches a prior days' closing price) of 193.65... but I wouldn't bet on it being accurate.  However, the level we open at this morning should provide a bounce as it looks to be good support.  So, if one was short from yesterday you could take profits at the open and see if the bounce plays out.

Not only is the 1900 area support on the ES Futures, but I can see a nice rising wedge on the SPX chart, and again... I think we'll hit it at the open.  Assuming it holds we should turn back up after the morning selling pressure dries up.  That's another reason to exit shorts.

Author: Red

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