here is how we trade the week close
Hey team.
We've got another market brief on $ES for you.
The market rebounds but can the bulls sustain the momentum based on speculations?
Let’s discuss today’s session and see what’s next for the markets!
Impact Snapshot
Consumer Sentiment, Tomorrow 10:00am
Market Evaluation
The stock market surged to its peak since early April, extending a rebound that’s been fueled by speculation the Federal Reserve will be able to cut interest rates this year.
Investors have been more optimistic lately after the Federal Reserve indicated the next move is unlikely to be a hike, pointing to a cap on interest rates that could be bullish for equities.
A strong earnings season, as well as some softer labor data, have also bolstered confidence in the stock outlook.
On the economic front, May consumer sentiment data that’s due out tomorrow will be closely monitored.
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Markets Breakdown
Early this morning we’ve highlighted the importance of sustaining activity above the settle at 5212 which would trigger upside continuation and clear the poor high above 5226.
Bulls took control of the market and successfully targeted our flip zone at 5223 that was a perfect entry for longs to reload on the way up for continuation.
Heading into the week close, what we will monitor is continuation and acceptance of value above the 3-day balance range or the lack of.
Holding above the previous value area highs is a sign of strength for continuation.
ES
Some references we’ll be using for navigating the overnight heading to US open:
Upside Levels: 5248/5263/5274
Downside Levels: 5224/5215/5207
That’s all we got!
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Disclaimer: Futures and options trading carries a significant level of risk and may lead to substantial financial losses. The content provided in this newsletter is solely for informational purposes and should not be construed as a trade recommendation or financial advice. It is essential for readers to independently assess and make their own investment decisions, taking into consideration their personal financial situation and risk tolerance.