Hi Traders, Last 2 weeks, I posted about SP500 going Long, by creating Higher Low and try to go for news highs. Last week Sellers retest 1534 prices, and break it. But there wasn’t that much commitment from sellers…or buyers was way to strong for them, on 50% ret. support. How ever, I still like Long position better than short for technical reason, but don’t refute market can go both way.

Day Trading ES

Weekly Chart: show me we go Long

Here I’m showing, that last Bullish move was stronger than previous. And on Sellers side, it was more weak. In volatility and in volumes. Is why I’m more long than short for next week.

Higher Low was not broken by sellers last week, and buyers succeed to bring market back at 1554, after testing last 3 weeks highs on same day.

Where we are? We are consolidating, since 3 weeks…and next targets will be return in 1675 zone for long. Or If sellers break this Higher Low, go back to 1600 area.

Day Trading ES

60Min Chart on ES Futures:
Here you can see how Sellers lost they momentum, and how buyers making a come back.

What Make me think Buyers will make it this week? well, on 60min chart, Buyers are above 200MA and 50MA. And on Friday, we saw 200MA Supporting Buyers.

Plus 50MA and 200MA, are working together to go Long.(both on move up).

Great Trading Week everyone!