There are different views that can be taken on the stock and other markets. On any day, there are intraday and daily trading ideas for short term gains.
But there can also be longer-term ideas that may not be ready to trade now but are worth keeping an eye on to see if and how they may develop to become a good idea.
Today, let’s take at the recent trading pattern setups for the S&P 500 Index futures contract (ES) and how it might be gearing up for a trade opportunity in the buy zone if certain conditions develop and unfold.
ES Set for a Potential Buy Zone
Here’s a recent S&P 500 Index futures contract (ES) chart and the set up discussion…
The S&P 500 Index futures contract (ES) monthly time frame is in an up trend.
The market is making higher highs and higher lows. The market is at a low price hitting a known level of U-turn.
The market has an up Fibonacci extension price point of 6,422.50, about +9,741 ticks above the market.
It will be a good idea to turn to the daily time frame and to look for low prices in the buy zone.
The Bottom Line
While the stock market indexes continue to gyrate day by day, I continue to develop newer strategies for identifying the right near-term and longer-term target levels as well as entry and exit levels.
Below, look for my invite to learn more for free about what I call my Chandelier strategy…
Then, for more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
Josh Martinez
P.S. With the markets continuing to provide what might appear to be mixed signals in terms of setting up longer-term trading entry opportunities, I’ve been working diligently on my newest trading analysis tool that can identify both near-term entry and exit levels as well as longer-term major targets.
The post A Big Longer Term Idea for the S&P appeared first on Josh Daily Direction.
