April 6 Emini Trade Level Planning for the Morning

Apr 6, 2016: 11:16 AM CST

Our Fibonacci Grid was effective in planning yesterday’s trades within the range.

Just now, price broke above the range, drawing our attention to the bullish surge.

Let’s chart the market:

In yesterday morning’s Market Briefing with TradeStation, I highlighted the pre-market gap-down into the 50% Fibonacci pivot at 2,040 and the upper ‘bounce’ target resistance near 2,047.

The reminder of the trading session yesterday saw price bounce between the 38.2% and 61.8% Fibonacci Levels.

Like the negative divergences into the 2,065 @ES level, POSITIVE divergences developed off our 2,034 Fibonacci Target ahead of today’s surge.

Look closely at the morning price action and the positive breadth ($ADD) when price traded at the 3,034 level.

We’re  now seeing a strong bullish impulse (bounce) away from the 2,034/2,035 level.

Price broke above 2,047, opening the possibility of an extended rally into “Open Air.”

That’s where we’ll continue trading and studying today’s session.

Use 2,047 as your key pivot level today – bullish ‘breakout’ above but “return into the range” bearish beneath.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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One Response to “April 6 Emini Trade Level Planning for the Morning”

  1. April 8 Emini Intraday Trading Range Level Update | Afraid to Trade.com Blog Says:

    […] To get a sense of the real-time progress and set-ups as it developed, see Tuesday’s morning level update along with Wednesday’s level update. […]