The last time we wrote to you regarding the #ES_F #SP500 we mentioned how price was about to enter a massive supply area. Well since then price did indeed enter this supply zone and price has halted.
We were watching the 2H chart for a potential shift in momentum to the downside but because the supply is on a higher timeframe and suggests a medium to long term move lower may take place the momentum shift to the downside turned into ranging for the week.
So for now we wait. What i can tell you is the media is very bullish the markets right now which makes my red flags go up and expect downside immediately but we have to let the markets do what they must depending on what timeframes are in play. This is the STORYLINE we always talk about. The storyline of price is what allows us to tap into what is actually taking place in the markets.
We did a Storyline 🎞 Session this week with members, 🔥 see exclusive clips below.
Getting back to the #SP500, our bias is bearishness and are expecting a move lower to be about 80% odds. We will likely see this move begin to take place next week.
Stay tuned!
