Yesterday I expected that ES went down to ~830, now it almost does. EMA50 is pointing down, ES may go up to cross above the EMA or go down for a while. MACD almost gives a buy signal, and RSI is oversold. Therefore a small green candle is expected tomorrow. It’s also oversold on the 2-hr chart. At the current level the futures can go either way. However the intermediate term trend is up so I prefer to bet on a rebounce first.
ES hourly
ESM8 2-hr
SPX hourly (negative divergence)
Today RKH and XLF pulled back a bit with decent volume but it closed above the breakout level anyway. SKF and FAZ have no buyable setup yet. It’s safer to watch how financial sector goes tomorrow and stay at the long side for the moment.
RKH daily
XLF daily
The crude oil and US dollar index have no clear direction at the moment, at least no clear sign to support/against the uptrend. Therefore I expect a further consolidation instead of large movement tomorrow.
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