Looking at Another Possible Bear Run This Week on the Emini S&P 500 with Responsible Day Trading
May 23, 2022Hello my friends! It’s that time again, to reflect on the action we saw last week and look for what to expect for this week in the E-Mini S&P 500. And since we know that this is one of the big boys that leads the way, it is always best to be in the know of what the possibilities are. The price has pulled down to make a new, recent low, and it doesn’t look too promising for a strong shift back to upside anytime soon but only time will tell.
As we take a look at the daily chart, we can see that we’ve once again made a beautiful reversal bar pattern back to the upside. This coupled with the very weak shift in the MACDs to the downside, tells us that we should start off this week with a bit of movement back up. But with the resistance areas beginning to form lower and lower, we’d want to see the price break back above the Daily resistance areas and ultimately both of the EMAs in order to see this market truly make a shift back up.
The immediate market has definitely shifted to the upside but I’m going to use any caution if I my mindset starts to move to longs for the long-run. At least until we make some major shifts on our larger charts to give me a bit more confidence that the shorts are still in control.
Any way it goes, with the way the price action has been moving, you want to be really careful with where your stops are placed and pay attention to areas anticipated to hold. This is in order to keep yourself from being stopped out regularly and avoiding any kind of over trading or revenge trading with these kinds of situations. Just breathe, take your time and be sure to stick to your plan my friends!
Happy trading peeps! I’m looking forward to catching you on the profitable side!
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