JPow Delivers Fireworks. Bull Market, Engage.
Plus Wednesday Watchlist
TLDR Wednesday Watchlist at the bottom of the post.
Today’s results:
Today was quite eventful. Powell’s remarks delivered some interesting price action that gave us some good information. First and most important, the bull market is in full effect. Below is the 5min chart for E-Mini Futures. We got a bump higher as he began speaking then a major drop straight down. But, it stopped almost right at 4100. Next came the pop higher. 4100 proved, once again, to be major support and a bull, buy the dip zone. By 4100 holding up, then price pushing higher up to the next major resistance zone at 4180, the market is set to ramp nicely if 4200 clears.
I see no reason to be looking at short trades after today. I took NFLX 0.00%↑ and GS 0.00%↑ puts off resistance today for nice wins before Powell’s speech. However, after everything played out, I’m only looking long unless something changes.
What would lead to a change in bias? A major reversal off 4200 and price heads straight down is about it.
#ES E-Mini
Upside: **4180**,4215, 4260, 4300
Downside: 4110,4080, 4050, 4020*, 4000,3980-3975, 3950, 3915*
For tomorrow, I want to see strength thru 4180 to 4200 area. We got a nice run last week over 4200, but price reversed hard. To continue higher, we need more