Defying Gravity Emini Breakout Level Update April 14

Apr 14, 2016: 11:25 AM CST

Like Elphaba in Wicked, the US Stock Market continues to defy gravity with a breakout beyond resistance.

With the @ES (Emini) “flying so high,” what new Fibonacci Levels and targets are in play?

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

First, step inside the price action with yesterday’s post about Market Internals (Breadth and TICK).

Indicators only give us probabilities about the future, never certainties, but Market Internals continue to diverge negatively (red arrows) with price on the breakout.

It still makes us more cautious than we otherwise would be in another scenario where a similar breakout takes place on higher Market Internals.

Nevertheless, the grid above shows our updated Fibonacci Levels stretched from the March 24th swing low to the current high today, which could extend.

Our breakout pivot – and 23.6% level – is 2,064.

Beneath that is the 2,054 level back in play (38.2%) and the 61.8% level at 2,038.

We’ll update you with more information later in the session but for now, these are the morning developments and levels.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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2 Comments

2 Responses to “Defying Gravity Emini Breakout Level Update April 14”

  1. April 14 Reversal Swing Looming Market Update and Scan | Afraid to Trade.com Blog Says:

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