ES futures ready to tap 4,000?
It was about as much of a risk-on day Tuesday could have been for US markets, with bond yields and indices rising with commodity FX.
It allowed the S&P 500 E-mini futures contract to break a 3-day losing streak and form a 3-bar bullish reversal pattern (Morning Star), so perhaps the low for the week is in place?
The 15-min chart shows prices hovering just below yesterday's high in a small bull-flag formation, although as this is out of hours trade then it's possible the market may pull back prior to another leg higher.
- The bias is bullish above the daily pivot once we get evidence of momentum moving higher
- Otherwise look for a low volatility pullback within yesterday's range and evidence of a swing low
- Today we have our eyes on the resistance zone around 4,000 which includes the daily R1 pivot, Monday's VPOC and the 4,000 handle
It allowed the S&P 500 E-mini futures contract to break a 3-day losing streak and form a 3-bar bullish reversal pattern (Morning Star), so perhaps the low for the week is in place?
The 15-min chart shows prices hovering just below yesterday's high in a small bull-flag formation, although as this is out of hours trade then it's possible the market may pull back prior to another leg higher.
- The bias is bullish above the daily pivot once we get evidence of momentum moving higher
- Otherwise look for a low volatility pullback within yesterday's range and evidence of a swing low
- Today we have our eyes on the resistance zone around 4,000 which includes the daily R1 pivot, Monday's VPOC and the 4,000 handle
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