May 5, 2015 Corona, Ca Weekly trading plan S&P500 emini futures Continuation Pattern
The “W Pattern” is still playing out mentioned in the last trading plan post. We are seeing the 5 step pattern with a 50% retracement to support before the next move in this continuation pattern.
The last two days of this daily chart showed a spinning top like pattern where the buyers brought price higher then sellers rejected it to close with almost a doji like pattern, Sellers moved in today May 5, 2015 and hit support at 2090 with buyers stepping in at 11:30 AM
We are still above the 200MA and in a bull market Trend. The 50MA is also holding support and we shall see during the week if this level around 2083 is tested again. 2060 is the next major support for the price action to chop back and forth. If the market breaks below this support, we could see a further move to the 200MA at 2010 where we still have an open Gap. These light blue boxes are open gaps.
Weekly Trading Plan Considerations – Take note of this weeks news and probably lower volume because of the Japanese Holiday Golden Week.
Sellers in control – watch for a move to support at 2083 then a move to next levels of support 2060 and if there is major sell pressure on light volume, then test to 2010.
Buyers in control – bounce off of support and get price to new highs. Probably Friday as a recovery from the unemployment news on Thursday.
Always manage your risk first, and make a written trading plan.
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