Slow But Positive Day. Pump is Primed for Tomorrow.
Plus Thursday Watchlist
TLDR Thursday Watchlist at the bottom of the post
Today’s Watchlist Results:
There were nuggets here and there today, but overall, the market was slow and choppy. Even though the price action was not super exciting, some important technical support levels held up.
Tesla was the trade of the day. It showed strong relative strength from premarket and for most of the day. We were able to grab it at the open and had a bunch of adds right off 199-200 support. It wound up being a big day with the majority of profits from just one ticker. You can see a full trade review here.
#ES E-Mini
Upside: **4180**,4215, 4260, 4300
Downside: 4110,4080, 4050, 4020*, 4000,3980-3975, 3950, 3915*
Over the past few days, we’ve seen some big bars which have amounted to big consolidation with the all important 4100 level holding up. Yesterday during and after Powell’s speech, we saw some big swings with 4100 holding up and 4180 failing to break higher. Today, we saw a smaller version just much slower. The consolidation is very construction. The pump is primed for a break over this small bull flag/pennant that is developing.
The market still needs more momentum and volume to flow in at the same time we arrive at the big resistance levels at 4180 and 4200. I still see no reason to have an overall short bias. Until 4100 breaks, the market has a bullish trend. Further, even with a 4100 break, a lot will depend on how that break happens and how low it drops.