Every trader is eyeing the big benchmark stock index for guidance on the direction of the overall market.
After all, the companies that make up the S&P 500 index futures market (ES) include many of the world’s leading businesses.
The index has made a bullish move lately, but there are some key levels we need to be aware of.
So, let’s look at the ES and stay up to date on how things are transpiring and setting up right now.
The S&P 500 (ES) Market Review
Here’s how the chart is setting up for the S&P 500 (ES) futures contract market…
The ES one hour time frame is in an up trend. The daily time shows the market is hitting an up Fibonacci extension and to expect the market to push bearish.
It will be a good idea to wait for the market to break the up trend line and enter into the sell zone before looking for selling ideas.
Entry: Counter trend line break bearish in the sell zone.
Stop: In the buy zone.
Limit: The limit is not ready yet. But it will be the down Fibonacci extension.
Once or if the market enters into the sell zone, it will be a good idea to turn to the five minute time frame and to look for Tunnel Trader short / Destination Trader short / Chandelier Trader short ideas towards the down Fibonacci extension.
The Bottom Line
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Keep on trading,
P.S. In addition to my trades in the futures contract markets, my pal Ross Givens here at Traders Agency continues to come up with some great under-the-radar stocks for stealth profit opportunities.
And he showcases these opportunities in his premium Stealth Trades service…