Temet Nosce,
Work and DAD duties delayed the sharing of my usually Saturday night Sunday morning analysis. I apologize if you visited the watch list section and were disappointed. In the beginning of 2024, if you want to be a member of the Red Pill Brigade and learn the ways of the Red Pill Futures Matrix, some will be given the opportunity. I am not here to tell you what to do or how to trade. My mission is to show what is possible if you believe. The choice will always be yours and sharing my analysis can hinder my trading at times. Now on to the good stuff.
Above you see the weekly chart for Friday of last week and the start of the week chart for Sunday night at the open of the futures market this week. As you can see last week, the bear trend looked as if it was running out of steam, however the chart did not show any major signs of a big reversal on its way. In fact, it showed possible more bearish action coming.
When the Sunday candle appeared, bullish price action was observed and a clear sign of a small rally was indicated by the green line hovering over the yellow line. That signal let me know that the a possible reversal could be in progress. It will depend on how my green candles appear this week on the daily chart.
Even still, from my view there are still no signs of a major bull reversal. Those of you that have been reading my futures intelligence reports, know that the ways of the Red Pill Brigade requires a green X to show itself, before an offensive campaign is initiated. The green X is the signal to enter long ES or MES contracts, or buy ATM ES, MES, SPX, or XSP CALLS, and for the Generals that means to sell PUTS, but writing options is not for the weak or investors with small cash reserves. However, I want you to know of some of the advance strategies that you will be exposed to.
So as this week unfolds by Friday we should know if this small bull rally was a pump fake. It is still too early in the week to know if the bearish momentum will continue for the entire week. It may take another two weeks for a green X to appear on the weekly chart, but the price action will give us insight into the direction.
My plan is to check the daily chart every day for the green X and let those candles show when the weekly chart might display what I am looking for. As we enter into a new month, the new November candle should also provide some insight into the upcoming trend reversal. All things consider, we are still in a bear trend, so have bull plan and bear plan ready to be executed.
I hope my analysis helps you see something you did not see, or confirmed what you already saw. As always do your own research and manage your risk.
~MorpheusCCI~
RPB - CIC
