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3. ES has been taking stairs higher. It is about to enter the crucial 2720 to 2750 zone.
It could simply top out in this zone with a big stop run or it would make a correction there to build a top formation there.
I would bet on the second scenario as the top in the current form is way too small to break the 10 day long consolidation range at 2650 level. If it could have a bigger top formation, then it would have a higher chance to break through the supports below.
4. When Vix drops below 26, the ES would become too liquid to complete more necessary tests. Too often, it has run short of test level leaving many weak inventory still on board. While, on the other hand, NQ is much more dynamic to fully explore the locations on the grid where stops usually hides. Therefore, I am much more interested to trade the NQ at this moment.
After break of the contracting triangle formation on the back of dovish Fed, it has cleared the 6900 resistance. But I believe that it should be able to hit 6991 the 100% extension target of the triangle formation, where it might be topping out or correct into a top formation.
After a day of poor poor structure on Monday, ES has formed a balance just below 2739 resistance on Tuesday.
The balance can usually serve as a good reference or stepping stone for the next stage of development.
If the market is able to open above and hold above the prior day's VAH, then it might be able to advance further, otherwise, it would act as an overhead supply once it broke below prior day's VAL.
NQ has hit the target described the below and it has made a potential M top formation at the target zone.
It is a potential M formation until the neckline is taken out, then it would become an acting formation.
DAX has made a three weeks top above 11000 key level.
The break out above 11000 is now in jeopardy that the false break top is found at 11380 and with the strong bearish momentum accumulated yesterday, DAX is on the verge of taking out the 11000 major level very soon.
If the breakdown is confirmed, then DAX is very likely to retest the Christmas low as the structures and cycles are both complete.
