May 3 Gap into Fibonacci Level Emini Update for the Day

May 3, 2016: 8:48 AM CST

You may be surprised at how well our short-term Fibonacci Planning Grid is working to call quick reversals.

What are these levels, which level was a reversal point Monday, and what level is key right now?

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

Simply stated Friday reversed up off the 2,048 level toward Monday’s reversal point into the 2,077 (see Monday’s real-time update that called the move into the high).

Monday’s rally took us through the 2,077 target on negative divergences to close at the highs – and 38.2% level.

We’re seeing a 14 point @ES Gap Down straight into our 61.8% Fibonacci Level at 2,060.

It’s this level we’ll use for planning and trading the rest of the session.

We trade movements toward and away from key levels and 2,060 will be are departure point (target) today.

If under 2,060, look for a fall into 2,048 again.  If instead buyers support at 2,060, we could rally into 2,068.

Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.

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Corey Rosenbloom, CMT

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2 Responses to “May 3 Gap into Fibonacci Level Emini Update for the Day”

  1. Crude Oil Collapses to Lower Targets with Stocks May 3 | Afraid to Blog Says:

    […] To compare Oil’s Levels with the @ES S&P 500 (e-mini), take a look at this morning’s update. […]

  2. Crude Oil Collapses To Lower Targets | Oil News Says:

    […] To compare Oil’s Levels with the @ES S&P 500 (e-mini), take a look at this morning’s update. […]