Hello Everyone,
Let's take a look at the past three trading days. On Friday, both SPX/QQQ show bearish daily engulfing candles which led to only "slight" downside follow through yesterday with both indices ending with doji candles (still above their respective 9/20 day MAs with a bullish alignment) coming into today's CPI report. The CPI report came in slightly hotter than expected which led to some gyrations early this morning (holding above pivot supports) before the bulls asserted themselves once again creating a break of structure (taking out a previous high) and managing to close near the session highs thus forming morning star patterns (last three daily candles). A two day drop and pop so to say.
ES Levels Support 5220 with targets above 5245/50 and 5267/70
Please take a moment to look at the trade ideas.
