ES/SPY Weekend Look (Oct 4-8)

Here is my weekend look at the ES going into next week. ES has not made a full corrective move like the NAS and is currently holding the key level of 4294 after a quick flush below it. A move to support 2 would complete the AB=CD move similar to the NAS move last week. If that level fails to hold look to the support level 3 which would complete a 3rd drive into the 200sma. If the 1st level of support holds a move back to the high is entirely possible. Very little on tap going into next week. Be prepared for some sideways chop until earning season kicks off again or we get a new catalyst.

Commentaire:

Updated look. Price has push back up into the neutral(tan box) where is could find resistance. I will be cautious going into the Thursday and Friday as we have Jobless claims and Non Farm payrolls both event could move the market. I won't feel overly bullish until price can get back above the neutral.