It's simple. Big support @ 4100. Resistance @ 4600. Buy Support. Sell Resistance. Chase breakouts of those levels. Everything between is mere noise... but can be traded if skilled, but don't have high expectations on individual plays. KISS, baby!
I was just going to post a reference to what KCalhoun said over the weekend... (paraphrasing) "I'm not going to buy until new highs (that would be > 4640 for this correction or 4800+ on the entire structure) or unless the market bounces up off of 4100". That's 100% logical technical strategy!! In between, it's for those with a "scalper's mentality". My personal leaning at this time is that the markets are in a "Wave 2 down" in a bear market, but not much conviction just yet. Alternate possibilities still considered.
%% Down-sloping 50 day moving average on SPY+ has been since JAN,2022; inverse ETFs on that one /are going up 50dma. QQQ is about the same, except wilder trends.
I never chase price (breakouts) An easier play on ES, NQ and DOW is just wait till it breaks out or starts a run..as soon as it starts to stall, prepare for a retrace. On the 30 minute chart, there will be a retrace 90% of the time on a big move. Enter position at the 50% retrace area of the 30 minute BAR. After it's done a few times you'll know where to take profit. Gold every time Your welcome
Yeah it's a daytrading market for now imo... best strategy is pair trading scalp style eg SQQQ vs SOXL, LABD/LABU, GDX/DUST, BOIL/KOLD, YINN/YANG etc in my own trades, but it's a grind. I just pick whichever pair has best volatility/widest range. I put a buy stop .20ish above the uptrending one. As soon as I get a fill I then put a buy stop above the other one, to catch a pivot. It's more hit than miss some days, but a pita to flip back and forth.
%% LOL/QLD /DoN Channel/Wells wilder PSAR buy on weekly wilder charts......................................................................................................... That wild kingdom [Mutual of OmaHA pays that bill] ;marlin Perky show was a fun one/LOL Turnaround Tues [tt]may close higher??