Hello Everyone,
The SPX/QQQ both closed over one percent higher today as they attempt to rebound from heavy selling last week. ES bounced off 4153 and moved approximately 40 points higher before slight pullback into the close. Let's continue to take things level to level here with the FOMC Wednesday and AAPL on Thursday. Sentiment is quite bearish (see AAII and NAAIM reports last week) along with those divergences shown on the NYMO/NAMO this weekend are potential fuel for the bulls to get some upside relief. With that said, today's move was somewhat choppy with the SPX/QQQ still closing below their respective 5 day EMAs so we will need to see more evidence (follow through). I would like to see a clear impulse move up (5 waves) and then look to buy a retrace if looking for a valid swing entry.
ES support 4180/71 and 4152 and resistance 4205 and 4225
Please take a moment to look at the trade ideas.
