February Fed Day Fibonacci Bouncing Update Feb 1

Feb 1, 2017: 12:34 PM CST

We’re using two Fibonacci Grids for planning trades in the intraday Emini as noted.

Price happens to be bouncing toward and away from these pivot levels perfectly.

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

Be sure to revisit last week’s updates regarding Market Internal Divergences and an expected pullback.

The logical daily chart target for the S&P 500 was the rising 20 day EMA near 2,270 which I updated for you.

The @ES continues to have the following Fibonacci Grid active, placing 2,263 again as the 50% retracement from which price reversed the prior two sessions.

Today gapped to our 2,281 level only to fall back to our 2,270 level as noted.

Price is moving rapidly – and today is a Fed day – but keeps these levels as intraday reversal points and targets.

If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!

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Corey Rosenbloom, CMT

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1 Comment

One Response to “February Fed Day Fibonacci Bouncing Update Feb 1”

  1. Rehan Raiz Says:

    It will be very interesting to see how things head up next for this, but look good opportunity to have a go, but just need to be mindful for the risk factor, as that is what needs to be controlled! I always keep it all up to the level thanks to http://www.tradewisefx.com/ with their brilliant 50% bonus on deposit offer, I just love it!