A new week lies ahead and we saw a strong SPX 500 market today. So, with the new week we shold consider a quick look at the plain weekly bars chart to check the flow of the bigger story. As we can see the market behaves in a balanced way on this timeframe. The previous week found resistance at the bracket high and ended the week with a loss to settle 2,24% lower alongside with a supportive test of the balance area low. Actually we opened inside of this balance area with the potential scenario to move all the way back to our lovely bracket high.
Moving forward to the daily perspective, we can see Thursday's nice buying tail candle followed by an inside day and today's break above the lower balance area. The market moved all the way back to test the upper bracket low after it broke the high from Thursday. (Please note that this is a SPX 500 Cash chart and not the ESM5 futures contract)
Today's nice trade location was the nice pullback after the market broke Thursday's high (ETH):
We'll see how the overnight session will develop the current bullish situation. Anyway, stay open minded and happy!
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