Hello Everyone,
SPX/ES thrust out of our triangle yesterday following the FOMC (originally posted on Monday as a potential pattern due to the overlapping waves) and both SPX/QQQ gapped open higher today before afternoon profit taking trimmed today's gains. As a result of today's action, we ended the day with daily black candles on both indices. Currently view this type of action as some type of 4th wave degree pullback but at least be mindful of a potential evening star pattern on the SPX (especially upon a gap down scenario).
ES Levels Support 5300/5296 5288 and 5280/74 with overhead resistance 5315 and 5227/33
Above levels are now the June Futures Contract
Please take a moment to look at the trade ideas.
