ES/SPY Weekly Levels (Dec 19-23)
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Here is quick look at the levels I am watching this week. Not doing the full post due to the holidays ect.
Down trend continued last week. Trading in a smaller bullish channel within the larger bearish channel. 50% Fib is my line in the sand. More bullish above and bearish below. June 17th low & Oct low in play. The 2020 peak may also be in play if there is a massive sell off to close the year. Target above remains the downward trendline and 200 sma .
Expecting thin trading due to holiday seasonal end of season. In the back of my mind is the price action of 2018 when the market made its last low on Dec 24th.
Good luck & Happy Holidays.
Down trend continued last week. Trading in a smaller bullish channel within the larger bearish channel. 50% Fib is my line in the sand. More bullish above and bearish below. June 17th low & Oct low in play. The 2020 peak may also be in play if there is a massive sell off to close the year. Target above remains the downward trendline and 200 sma .
Expecting thin trading due to holiday seasonal end of season. In the back of my mind is the price action of 2018 when the market made its last low on Dec 24th.
Good luck & Happy Holidays.
Commento
Not many updates here as I'm following the NQ more closely. Believe NQ is leading the action right now. ES needs to hold the 50% Fib. Bounce back above once already. If it falls to hold a move down to the June17Low is possible. Odds of a huge flush lower into the end of the year is high. Commento
Watching the 50% fib. Broke below it yesterday and then recovered back to it into the close. Bulls want to see price get above that line. Bears want to see price reject and fall below. 
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