Friday, February 3, 2017 10:01 AM EDT
By Darren Chu, Founder, Tradable Patterns
The S&P500 (ES) edged higher yesterday, but continues looking vulnerable to a selloff from just below upchannel resistance (on the weekly chart). Along with the other index futures on my Watchlist, the ES may see notable downside pressure today following the monthly US Non-Farm Payrolls (NFP) at 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are toppish, trending lower, or consolidating recent losses. I am flat and will look to go short intraday on any initial bounce (following NFP) into the red zone (on the daily chart), with a downside target of the green zone by early next week.
S&P500 (CME ES Mar17) Weekly/Daily/4hr/Hourly
Click here for today's technical analysis on Nikkei, VIX
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Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be traded consistently profitably. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and US equity markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.
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