Good morning, and I use that term reservedly. We come to the end of the Week From Hell, with today being an options expiration day. Everything is solid green across the board, and the only meaningful and logical resistance point is the next Fibonacci level on the /NQ, which would actually put us beneath the H&S setup from way back in 2021.
On a minute bar scale (below) versus the weekly bars (above), the /ES seems to be revving up for another gift to the bulls.
I will probably do no trading today at all. Indeed, I might become almost completely passive until such time as this debt ceiling thing is behind us. The only “action” I’ve taken is moving a mountain of cash OUT of my account, as I mentioned in the video last night.
I’ll post charts throughout the day as interesting ones present themselves to me.
