$ES_F Update 3
After some more oscillation between the OVN low & the IB low, the OVN low (prior breakout zone) was finally broken. Price extended lower directly to the 1st ⬇️ target & this level was quickly defended. The Sellers remain in control with the daily 50 MA as a potential support area, where we could see a relief rally. On the upside, the Buyers face a few resistance areas that need to overcome in order to regain control. I will go over all of this & provide the roadmap with all the targets in tomorrow’s game plan - as usual it will be out an hour before the open
$SPX $SPY
$ES_F Update 2
The losses extended to the OVN low which was defended & some consolidation took place in the region where the IB low area was repeatedly rejected. Price is now back to the OVN low, which aligns with the prior breakout zone from early May. To trigger the Bearish case, price must achieve acceptance below this support area. If successful, see the downside targets in the plan 👇
$SPX $SPY
Just in the last two weeks we've seen many stocks and ETFs rally 10%+ and give it all back. The Software ETF $IGV is a good example. It surged 15% from 5/27 to 6/1 and has fallen 14% since then.
$ES_F Update
Price achieved acceptance above the immediate resistance area (prior week’s low) at the open which was required for the Bullish scenario. The initial ⬆️ targets were reached - the first was today’s pivot & the second was the prior support area (now resistance). Just like in the OVN session, this area was rejected after a brief consolidation. The market has now sold off back to the IB low. As pointed out in the plan, the Sellers remain in control as long as below the support-turned-resistance area. The Sellers need to break the IB low & sustain acceptance below the OVN low (also the area that aligns with prior breakout zone from May) to trigger the Bearish case.
$SPX $SPY
🚨BEARISH BETS ON SOUTH KOREAN STOCKS ARE SKYROCKETING:
The Kospi 200 put-to-call open interest ratio has surged to ~2.5 times, its highest level in 5 YEARS, matching the Great Financial Crisis levels.
TAP IMAGE TO SEE FULL INSIGHT👇
https://t.co/NKkb2vCHBG