Bull Trap? Breakout? Both bulls and bears and fighting for dominance… and neither side is winning right now.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Our bullish V-Spike Reversal (blue) off 2,228 set the stage for a continuation of the uptrend and bull market.
After two pullbacks (retracements), price surged to new all-time highs Friday.
However, Friday afternoon into Monday morning gave us a pullback under 2,270 which is a make-or-break point.
An initial trap triggered Monday with the return under 2,270 but it’s possible we’re seeing a SECOND trap today.
Our focus point is 2,270 and when one side wins the battle, we’re likely to see a big move either way.
If above new highs, join the bulls and buy toward 2,300; if under 2,260, join the bears toward our Fibonacci levels.
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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