ES/SPY Weekend Look (Feb 22-25)
Here is the weekend look at the ES/ SPY going into the shortened trading week of Feb 22-25. My analysis of the ES is almost a carbon copy of my NAS post. We saw whipsaw price action last week and closed down 1.5% on war tensions and worries about a tightening Fed.
This week the ES has gapped down on Sunday night and threatening to continue its move lower. 4212 is a key level to the downside. The S&P has formed a pattern that would confirm if the 4212 level is broken. The pattern implies a move down to about 3600. The compound corrective move I pointed out last week has a completion zone in the 4000 area.
The scenario is not a guarantee. If the h pattern above 4212 holds price could easily reverse and head higher on a positive swing in the news cycle. So many people are leaning short right now that any positive surprise could launch the market higher as shorts would cover and money on the sidelines would be enticed to re-enter the market.
Just as I was typing this positive news has come out about a possible Biden /Putin meeting next week. My take on this .. pay attention to what actually happens not what the media and other say will happen.
Tuesday… Consumer confidence… from HD, M, CZR , KTOS , TDOC , SPCE , PANW
Wednesday… from: SSYS , VIPS , WB , AEM , CLOV , EBAY , FIVN , FUBO , FLGT , HTZ , SKLZ,
Thursday… Jobless Claims, US GDP, New home sales, Crude inventories… from: BABA, DOCN , PLNT , PZZA , MRNA , PLUG, ZS, MNST , NVTA
Friday… Consumer spending, Durable Goods… from: FL , IMGN , TREE