Earlier this morning I sent a quick warning that we were likely setting up a bounce to setup a H&S and i sent this image:
I warned we could waste some more time in the grey box. Here’s the results after the day’s session:
Notably the head & shoulders is still intact, and CPI approaches. We also closed right below the DP level, 412.55.
ES is also rubbing up against resistance, which is also the backtest/retest.
Markets are setting up for another big move, but the longer it stays here in this 4100-4200 range, the more likely a drop to 3400 is.
For tomorrow i’ll be watching the following:
$ES_F
4162 Pivot
→ Below pivot targets 4148, 4135, 4115-4120
→ Above pivot targets 4170-4180, 4194
SPY 0.00%↑
413.75 pivot
→ Below pivot target 412.55, 411.58, 410.56, 409.22
→ Above pivot target 415.92
Also keeping an eye on AAPL 0.00%↑ which kept being swept with $180C LEAPS. :
AAPL is setting up for a big move as well. AAPL over 170.36 triggers move to 175.19, 182.94 below 163 targets 160.49, 153.56.
That’s all for now. Check discord for real-time updates.
- Jovan