Hello Everyone,
Last Friday (Following Powell Comments), the major indices probed lower with the SPX/QQQ making higher lows while IWM had a slight undercut but managed to close positive (reversal candles) with slight follow thru yesterday. Then today, the Jolts data came in much weaker than expected (same for consumer sentiment) and that Jolted the market (pun intended) higher as these reports led to lower yields and weaker US Dollar. For now bad news was good news (the story on this longer term for another day). A few paths from here (will review again below) but the Bulls have the ball and until evidence changes (clean support break), expect dip buyers.
ES initial support below 4489/95 with resistance 4509/17.
Please take a moment to look at the trade ideas.
