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Mike Paulenoff

TLT, ES Poised For Upside Continuation

Thu Feb 6th 2025
Good Thursday Morning, MPTraders!  February 6, 2025-- Pre-Market Update: Today and tomorrow, traders and investors will focus on Jobs-related economic data in the next round of potentially meaningful directional market catalysts (See Economic Calendar below)... Heading into the data releases, TLT (see my attached Daily Chart) exhibits a positive setup poised for upside continuation that thrusts above the multi-month down trendline and yesterday's high in the vicinity of 90.18, which, if hurdled, will trigger a next higher projection to 91.50-92.00... Only a sustained negative reaction to the data that presses TLT beneath support at 87.40/80 will compromise the current setup...

Still Waiting For Confirmation As Market Trying To Break Up and Out

Wed Feb 5th 2025
Today we saw the market open lower into the support zone for the potential wave (ii) per the purple count and then break higher. We are currently trading in the first micro pivot zone which comes in at the 6066-6085 zone on the ES. This 6066-6085 zone has proved fairly strong resistance over the past week and should we finally see a break through that region it will be an initial signal that we are indeed going to break out higher per the purple count.

Been Waiting All Day

Thu Feb 6th 2025
As the title suggests, I have been waiting all day for the ES to prove this is wave iii of 3 in the purple count, yet it is just sitting there doing nothing.   But, the simple fact is that as long as the pivot is now our support, the pressure has to be viewed to the upside.  Should we break down below the pivot in the coming days, then that opens the door quite wide for the green count to come back with a vengeance.

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