Sunday Prep 9/5 - $SPY/$ES Sideways action - Not surprising!!

5. Sept. 2021

Last week was a pretty narrow range for what we’ve been seeing. Doesn’t necessarily mean anything. We’ve seen a decent move up so some digestion isn’t a surprise. Will be using under last week’s lows as the first area to think we see a bigger flush lower. The area I’m interested in seeing tested is the 20d as it lines up almost perfectly with the monthly pivot now. Below that the 50d also lines up beautifully with the next monthly pivot as well as the quarterly pivot. 4600 is the first real area above that I am interested in as possible resistance. The monthly timeframe chart continues to give caution, but not going to let it deter me from getting long on legit setups.