$SPX500 #ESfutures #Trading

Sometimes after a great deal of TA the underlying direction is not clear enough to trade off of.


What a week, and what an FOMC meeting. Jerome Powell is certainly improving his communication.

Some catalyst news concerns this week primarily are:

• The G20 Osaka Summit will be held from June 28 to 29, 2019 in Japan. (Thursday/Friday)
  
• Revisions to last months unemployment numbers
  
• Building Permits June 25th
  
• New Home Sales (m/m -6.9% while forecast is 2.2%)
  
• Consumer Confidence June 25th (current forecast of 131.1)
  

Overall the trend remains bullish, and we may see a pump into G20 on hopium of Trump/Xi Trade deal - the idea they can actually hammer one out though would be rather shocking. Strategically if Trump wants equities to go gangbusters, which he does - he would not go for an actual tariff agreement because if he can get his interest rate hike, and then end the tariffs we are going to the moon.

• RSI/STOCH Oversold, but no trend reversal
  
• Bollingers Oversold
  
• Currently finished EOD exactly on Fib support
  

• EOD selloff resulted on strong short-term bearish momentum
  
• Bill Williams 3 Lines - Bearish
  
• Strong sell off, after morning pump sell off
  
• Luckily finished the day with each trade profitable today, was long but sold entry from yesterday in the late morning around 11 (had meeting and missed a great sell off opportunity 1st thing in the am)
  

• We can see here the sell off was flirting with statistically a very strong trend downward
  
• We can see here with the volume pricing as well that the price was oversold likewise
  
• Why did the afternoon sell off occur? Not sure, but I closed my final long at 3:45pm for a nice profit simply because I had just exited a meeting and didn't want to worry about position over the weekend. Why gamble with all this volatility?
  

• 5/24/2019 I posted this harmonic (link available below)
  
• So close, but ironically rallied at the earlier Fib Point
  
• Do as I say, not as I do! ;) Should have trusted the TA and stayed long the entire ride. Rather I kept entering leveraged long positions and then would exit. Finished this period with positive P/L, but left thousands in profits on the table - opportunity cost is frustrating.
  

• Displaced EMA wildly bullish
  

• MA Ribbon looks very bullish, a compression like that is interpreted typically as the start to a nice bull run
  

• Still looks like a great long opportunity after a minor pullback
  
• Bill Williams 3 Lines look very bullish
  

Takeaway for the week - not in a position nor do I see any ideal setups right now. I think I may enter a long in the early side of the week, however this idea could adapt as soon as futures open at 7pm on Sunday.

As usual guys, GL and make a million!
---ZenModeTrading.com---