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Mptrader Out Front:Tuesday June 22nd, 2021 For all intents and purposes, today is another Fed Day.Fed Chair Jay Powell testifies before Congress at 2 Pm ET today(about the health of the post-pandemic economy), which will be what everyone is listening to and watching, parsing his every word, every nuanced inflection of his voice and his body language for signals that he is NOW thinking about raising rates sooner than expected(2023).
E-mini SP 500 Futures: Keep It Simple Stupid –100% V-shape Retracement, Gummy BearsCopying and pasting a section from our ES trade alert room’s premarket gameplan report. FYI, the ES trade room provides real-time entries and exits with pre-determined stoploss and target levels alongside with real-time lessons on strategy/risk management/psychology/momentum. We specialize in quick intraday alpha setups and short-term swings with duration of 2-5 days and occasional 10-15 sessions holding period (some key levels + strategies have been redacted for fairness to subscribers)Yesterday was a +2.
With this strong push into the final hour and as we approach new all-time highs, I wanted to post a supplemental market update outlining the risks and pivot levels should we directly break directly over the previous all-time highs on the SPX at the 4256 level.If we do indeed make a new higher high over the 4256 level we will have enough waves in place to consider an Ending Diagonal completed off of the May 13th low.
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