June 12, 2022: E-mini S&P Market Rundown and Expectations with Responsible Day Trading
Jun 13, 2022It’s that time again folks! Time to give the market a look over and keep ourselves informed on what we can expect. So we did have market Rollover last week and if you haven’t make the move over—you’ll want to make sure that you move to the September 22 contract today. Most people have moved over and the volume will start to drop significantly with the June 22 contract until it stops moving completely. Number one tech question around this time is—“why aren’t my charts moving” and it’s a VERY simple fix!
Now, on to the movement. We can see that the area of the small EMA on the Daily chart held pretty strongly and pushed down like expected. We opened with a gap of around 30 points, so when something like that happens, we usually expect to close the gap throughout the day—but it doesn’t always happen.
Right now, we have a LOT of strength moving to the downside but with the behavior of the MACDs, we can see reasons for a pullback before it (possibly) keeps moving to the downside. If it does go down more—it’s hard to see anything stopping it until it gets to the next major area of support round 3300. This is where we left off before COVID hit and we had that HUGE spike to the downside.
Right now, we have a HUGE potential for divergence on the bigger charts (and we discuss how to see Divergence and the potential for Divergence in this video) so we can really see the reasons for a little bit of a push back up to maybe catch that move on the ride to the downside!
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