We remain in 1/10 quality summer chop in #ES_F but we did get a small overnight vol pickup for those trading then. CPI 830am. I posted yesterday to watch 7553 traps & we just trapped it
Plan today: 7567-73 next up. Recovery there sees 7585, 7597, 7611+. 7533 below (watch traps)
Little to do now but sit on hands in #ES_F. The long was the Failed Breakdown of yesterday's 7405 daily low. We ran +70. Targets were 7425, 7439 (both hit). 7472 (hit),7492, 7510, 7530 still above.
7425-7492=a multiday chop range as we prep for trend
This market remains all about one level ~7425. It was the Failed Breakdown here after 9:30AM yesterday that got us long for the rally to 7472 target. Last eve #ES_F tested 7425 *again* and bounced.
Plan today: Just ride your runner. 7463, 7472, 7492, 7510=targets. 7425=support
50% Crash Calls
April 2025 "Global Recession due to tariffs"
Reality: Strongest Turnaround Rally in History
March 2026 "$250 oil, Iran will never make a deal"
Reality: Strongest Rally in 40yrs
Pays to be Contrarian and to understand the Secular Bull we are in. We will be over 10k in SPX in 2028, and my number may be low. Bitcoin will hit $250k.
Yesterday we got our bear trap long in #ES_F, since then, its straight up. Long trigger was 7415 trap given live here and in newsletter. Main target was 7472 (hit). Bonus target was 7483 (here all night)
Plan: Ride runner. 7490, 7496, 7507 next. 7473 (watch traps), 7439=supports
Yesterday 7377 was support in #ES_F. It held exact. Targets were 7415, 7434, 7450. We ran to 7450+ & dipped. 7450 to 7377=a big consolidation coiling to breakout
Plan today: 7432 (weak, noisy), 7415 (watch traps)=supports. Keeps 7450, 7460, 7473+ live. Sell 7377 below 7415
Note: I will say the same thing I say every morning, there is nothing at all to do up here. Zero. We need to wait for the next "elevator down" sell like we saw yesterday. Until then, just ride your runner.
Yesterday was all about 7402. It was support given 8am & we rallied to 7448 final target, then dipped. #ES_F still likes 7402, defending *3x exact* overnight. Weak now
Plan today: CPI 830am. 7402 remains support (watch traps). 7422, 7428, 7442 above. 7402 fails, dip 7377, 7363
Note: As I say every day because it is so important - there is nothing to do until we get an "elevator down sell". I don't trade chop, I don't short, I don't trade low vol, I don't chase. I trade when we get an elevator down sell into a Failed Breakdown. That is it.