![[Gamma] Scalping Please](https://ibkrcampus.com/wp-content/smush-webp/2024/04/tir-featured-8-700x394.jpg.webp "[Gamma] Scalping Please")
The S&P500 (ES) is consolidating after closing October at its high, catching its breath as it tests the 50% Fib retrace of the August to October slide. Regardless of any deeper pullback this week towards last week’s low, ES appears poised for upside in its Dead Cat Bounce towards the psychologically key 4k whole figure level in the next week or so. Nevertheless, the bear rally will likely be weaker in magnitude relative to the late June-late August one, with only a moderate probability of testing downchannel resistance (on the weekly chart) sometime in November. Watch for volatility as early as today 10am EST following the US ISM manufacturing and JOLTS job opening data. The news onslaught continues Wednesday with the US ADP non-farm employment change, FOMC/Fed Funds rate and FOMC conference, Thursday with the US ISM services PMI, and Friday with the highly anticipated US Non-Farm Payrolls (NFP). The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the February 18, 2020 analysis one day before the record high in the ES, warning of the pending slide in the S&P500. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on NASDAQ100, SILVER
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021
Disclosure: Interactive Brokers
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.
