S&P / ES - Journey to May '24 a possibility
Season Trend reversal for S&P as we enter the traditionally unfavourable month of Feb.
Off the back of the June '23 - Aug '23 top for ES we see a very similar pattern and trend forming over the same 44d time period.
On the basis that Feb is rarely kind to Indexes we can look to a repeat of a similar pullback that followed.
Add to that S&P left a lovely gap on 7th Dec back to 4580 and it adds further fuel that this could be our possible path to End April '24 before any hopes of a further run upwards.
Whilst unlikely it will mirror exactly (markets rarely do exactly what they did before) - we can at least look to this as a potential move within the channel for calculated risk entry and exit markers.
I certainly think the S&P is somewhat toppy right now and barring a short squeeze, anything north of 4900 represents a pretty strong entry.
As always - proper risk management and covering positions on the bounce is highly recommended.
Don't forget to thumbs up if you like or agree with my idea. But equally if you don't, I welcome all comments.
Safe Trading !!
Off the back of the June '23 - Aug '23 top for ES we see a very similar pattern and trend forming over the same 44d time period.
On the basis that Feb is rarely kind to Indexes we can look to a repeat of a similar pullback that followed.
Add to that S&P left a lovely gap on 7th Dec back to 4580 and it adds further fuel that this could be our possible path to End April '24 before any hopes of a further run upwards.
Whilst unlikely it will mirror exactly (markets rarely do exactly what they did before) - we can at least look to this as a potential move within the channel for calculated risk entry and exit markers.
I certainly think the S&P is somewhat toppy right now and barring a short squeeze, anything north of 4900 represents a pretty strong entry.
As always - proper risk management and covering positions on the bounce is highly recommended.
Don't forget to thumbs up if you like or agree with my idea. But equally if you don't, I welcome all comments.
Safe Trading !!