Back in Monday’s issue, I told you that I was looking ahead to see where the next big opportunities may arise.
That day, I had just published my latest Weekly Idea via TradingView on the S&P 500 (ES) futures market.
The Trade Setup
With yesterday’s 3% move to the upside following the Federal Open Market Committee (FOMC) meeting, the ES broke and closed above its short-term down trend line.
This was a bullish sign.
The action has pushed the ES back into the buy zone, and we’re now looking for a potential push back towards the top of the channel again.
Yes, the ES daily time frame is still in a down channel and showing weakness with the rest of the market today, but it is currently testing the back side of the short-term down trend line.
As long as the market stays above the bottom of the daily channel support, looking for buying ideas will be a good plan.
We’ll do our best to keep you posted as this idea progresses…
The Bottom Line
Every week, we cover the ES and the other major stock markets inside of my entry level futures trading service, Futures War Room.
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities. And in particular, learn how this is really working with digital currencies such as BTC!To learn how to do this effectively using the strategies developed inside my War Room, click here!
The post Looking for Long Ideas in the S&P 500 Futures Market appeared first on Josh Daily Direction.