S&P 500 (/ES) Weekly Chart
We’re approaching some targets that we've been tracking on /ES for a while now and we're not planning to short on first touch of any level like we typically would on intraday or other two-sided price action charts but this is an area of interest for us to see if price decides it wants to possibly linger in the area building new structure.
When the next down cycle comes, and it will definitely come at some point caused by “something” we’re likely to experience some higher time frame technically correct pull backs like we saw in March 2020.
Lastly, Fed Chairman Powell speaks today at 2pm eastern, any mention of real or anticipated inflationary concerns could cause volatile price action.
But then again, a 75 degree sunny day in Boston over the weekend could spook the markets too...
Enjoy your complimentary TOS link for /ES http://tos.mx/TRz4ypv