No Follow Through Yet

Morning Scoop

We had a good start yesterday, but things fizzled out by the end of the day. There wasn’t much happening, and the trading environment wasn’t the best. Patience is still necessary, so let’s take a look at the levels we’re at for now.

Markets

📈📉 S&P 500 Futures Update

Things could get interesting depending on how things play out here. It appears we might be seeing a double top formation, with price making two moves into the big green zone before pulling back. We’re currently moving back down towards the most recent support levels.

🔮 Forecast

If we manage to reach the support level, represented by the smaller green rectangle, it would be ideal to hold price there and see a rebound. However, the challenge is that we’ve already made two attempts to break through the resistance level represented by the big green zone, both of which resulted in quick selling. If we remain below the support area, we may experience further downside. Conversely, if we manage to break through the resistance level, we may begin to see more upside potential.

Chart Analysis

65 minute chart

I’m keeping an eye on CRM today, the setup is looking promising. The daily chart shows potential for a follow-through, and on the 65-minute chart, we can see the selling pressure has slowed down and price is attempting to move back towards the highs. Taking a closer look at the 15-minute chart, we can analyze the price action and determine potential entry and exit points.

 
15 minute chart

Here on the 15-minute chart, we can see a promising pattern with the downslope being broken and price consolidating in a base. Ideally, we need to clear the $192 area to see a continuation higher. Setting a stop loss just below the swing lows would be a good idea. I’ll be keeping a close eye on this throughout the morning and might take this trade if the market conditions are favorable.

Wrap-up

That’s all for today. Besides CRM, I don’t have much planned, so I’ll keep it light. If I find anything else worth adding to my watchlist for today, I’ll be sure to update it.

 

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