Bullish Engulfing Pattern
Good Morning!
What a great weekend! Futures opened with a slow melt up to an overnight high of 4723.25.
The daily formed a Bullish Engulfing Pattern.
Day2 opened lower than Day1 Close
Day2 body engulfs Day 1
Day 2 Bears controlled price in morning
Day 2 Bulls decisively took over price into close
White has small upper wick, price closed near its high price suggesting EOD price surge.
I'll be cautious of Trend Reversal around the pivot 4704/4705.
With FOMC on Wed and Quad Witching on Friday
There may be enough Sell pressure to form several black candles over the next few days signaling a Trend Reversal.
Gamma/Derivative experts confirm a new gamma floor around 4700 on Dec 8th suggesting we are in the left shoulder of a larger H&S pattern that could form with a strong xmas rally into the new year.
Vanna flows continue to be strong in the mornings providing the needed liquidity to create big movements up and down.
This suggests using large stops as the price will continue jolt up and down (as it just did at around 6:40am this morning).
This week I plan on studying more Order Flow and will begin to include some levels in the days to follow.
As always, Hope for the Best, Plan for the Worst!
What a great weekend! Futures opened with a slow melt up to an overnight high of 4723.25.
The daily formed a Bullish Engulfing Pattern.
Day2 opened lower than Day1 Close
Day2 body engulfs Day 1
Day 2 Bears controlled price in morning
Day 2 Bulls decisively took over price into close
White has small upper wick, price closed near its high price suggesting EOD price surge.
I'll be cautious of Trend Reversal around the pivot 4704/4705.
With FOMC on Wed and Quad Witching on Friday
There may be enough Sell pressure to form several black candles over the next few days signaling a Trend Reversal.
Gamma/Derivative experts confirm a new gamma floor around 4700 on Dec 8th suggesting we are in the left shoulder of a larger H&S pattern that could form with a strong xmas rally into the new year.
Vanna flows continue to be strong in the mornings providing the needed liquidity to create big movements up and down.
This suggests using large stops as the price will continue jolt up and down (as it just did at around 6:40am this morning).
This week I plan on studying more Order Flow and will begin to include some levels in the days to follow.
As always, Hope for the Best, Plan for the Worst!
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Feragatname
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