GDP Surprise Breakout from Emini Range July 29

Jul 29, 2016: 11:14 AM CST

A weaker than expected GDP report this morning was exactly the bullish catalyst needed to boost the stock market to new all time highs!

Our bizarre trading environment (bad new is actually really good news) continues with the chart update below.

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

Here’s a reference guide of how to use and trade from these morning updates.

We still can’t use our larger Fibonacci Retracement Grid levels WITHOUT an actual larger retracement.

And in the absence of a retracement, we keep playing bullishly on the breakout, assuming the @ES remains above the 2,170 breakout pivot.

If not – and price returns back within the range – it would trigger a Bull Trap and suggest a return back to the lower bound of the range near 2,155.

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Corey Rosenbloom, CMT

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “GDP Surprise Breakout from Emini Range July 29”

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