Well, it’s been frustrating trying to understand the markets. The overnight rally appeared bullish in the morning, but completely reversed a bit deeper than I wanted to maintain a bullish view. If today ended as a green daily candle near the highs, then the setup would be there for a year-end rally. We got really close with that green candle appearing in the morning, but it completely reversed.
Yesterday we closed at 2126 – and today we closed at 2126 — except in between we went up as high as 2143 only to close at the lows of 2126.
The only count I can have to maintain this view is shown below – with us hitting 2124 ES overnight into Monday. However, if that level does not hold, then something else is playing out.
Today’s S&P500 Hourly Chart
S&P500 5min Chart
Yesterday’s S&P500 Hourly Chart
The blue a-b count was valid with support at 2120 – we held at 2122ES – and opened at 2137 today — with a big gap up. We went up to 2143, but reversed all the way down back to 2126 again. 
Sign Up!
Sign up to become a member to access to premium videos and you get the insights you need to make more educated trade decisions. And yes, you’ll get join our Whatsapp mobile text alerts for weekly trade recommendations. 
| Get Trade Alerts Now |
