S&P Chart Lunch Update – Watch Your Offers (SPX)
|1 min ES_F|
Interesting yet expected price action this morning so far. We had selling down to near lows post Sunday evening open of 1161.5 … WE had the typical wee morning hours ramp higher up to 1190 before selling came back pre open.
Off the open the S&Ps traded up to 1178.25 in a sharp move higher in 10 minutes before sellers came back in and slammed us down to 1147.5. As you can see once we hit the low we bounced up to 1168 and fel back to 1149.75ish …
This price action formed the descending triangle on the 1 min frame. you can see there are two hypotenuse’s, one stronger than the other, but both are in play. Pick you poison. Any trades below the low of the day you can bet their are sell stops, if momentum comes back into play we could see 1143.
The tight range we have is 1150 and 1155. Breaking out of this range to the upside or downside will determine the rest of the days direction… at least up until imbalances.
|what buy stop running looks like|