Make or Break....

The S&P emini shown below is at a point where a break in either direction should provide good trading opportunities. A break below 1460 would likely lead to a re-test of the recent lows near 1406. A move up past the last pivot would likely lead us up to the 1560 area. Volatility is high with the wide range bars after the Fed decision on Tuesday. Todays inside bar is generally viewed as bearish but the ES is sitting at MA and is right between the 50% and 38.2% fibbo levels. The next day or two should tells us more.

Happy Trading and God Bless.

Retracement likely...but follow through possible

The Dow and S&P, illustrated below with the YM and ES emini futures indices have both risen up near resistance areas. The Dow has moved up through the declining trendline and is now near both a price level top and the 61.8% fibbo, all pictured below noting the white arrow dawn on the chart.
The S&P kissed the down trendline today and is nearing it's 61.8% fibbo. These resistance points will likely cause a near-term pullback from recent this move up. However, looking at the graphs, you'll notice the three moving averages are close to crossing over which could mean the markets are headed for higher highs. Interestingly, the Nasdaq (not pictured) seems to be lagging a bit behind the other indices.

Happy Trading!

God Bless!