A Surprise Breakout Emini New Level Planning April 13

Apr 13, 2016: 11:33 AM CST

Breakout!!  However, will the breakout hold and will price continue powering higher?

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

We’ll eventually have to abandon our Fibonacci Levels above but for now, they’re still in play for reference.

Price closed the day into our 2,054.50 level Monday and then gapped up through “open air” into our prior swing high target near 2,068.

We’re carefully monitoring volume, internals, and momentum – all of which are diverging (or not confirming the high) for signs of continued bullish action or a reversal (failure) back into the range.

Your pivot for the day will be the prior swing high into 2,067 with a “bullish bias” above this level (due to a short-squeeze) or perhaps more likely bearish/cautious under 2,068.

Look closely at Market Internals – with price at a new swing high, Breadth (Advancing Stocks minus Declining Stocks) is visually lower than not only Monday, but all three prior sessions the market rallied (April 8th was the last Breadth high).

We’ll behave with skepticism unless Breadth strengthens or price overrules all indicators and extends the ‘surprise’ short-squeeze higher.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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  1. Breakout! - TradingGods.net Says:

    […] sure to start with this morning’s “Emini Breakout and Level Update” for more […]