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2018-12-20
ES #F No Christmas present from Fed and Supply stepped in


Early expectations of an early Christmas present by the Fed resulted in a bounce to the upside and the ES traded to a high of 2592.00, but it was short lived. Interest rates were raised and resulted in a 34.75-point loss on heavy Supply entering the market. As expected when the year’s low was taken out, the ES traded into the 2400.00 levels with the low coming in at 2489.50.

 According to our proprietary swing system, the last swing trade target of 2475.00, identified over a month ago (see link: https://www.mctrading.cc/wnewsdisp.php?subject=es-f-supply-on-low-volume-holiday-session&id=24774), was not reached as yet. Our new targets according to our swing system to the down side are: 2475.00, 2431.00, 2391.00 and finally 2364.00. These are longer term targets for swing trading, if Supply continues to dominate.

We are still in Selling pressure territory, with the ES still at very weak levels according to our comparative strength analysis.

The “Bag holding” idea did not play out, but there was a lot of Demand before the year’s low was taken out and the ES rallied to a high of 2592.00, 54-points above the close of the previous day before Supply entered the market on the Fed’s decision to raise interest rates.

At the time of this writing the ES has broken support at 2489.50 and is trading at 2485.25.

End of the day Signals December the 19th:   

S & D Dashboard Algorithm is Bearish but the Daily Signals turned Bearish

Caution:

Volatility went up, so wild price swings is a possibility.

 

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Click here for example of reversal trade taken in Feeder Cattle that can be found on this page.

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