The Pitchfork Proves Itself, Again

[logo, header, fpip] May 12, 2024 Hi Shoppers, Yet again, the pitchfork proves itself. Check it out on my S&P Emini Futures (Ticker: ES1!) chart:  [ded]( Not watching the Emini futures? Well you should be as they trade longer hours than the SPX and SPY thereby creating a much nicer chart to analyze, you don’t get as many gaps. So if you joined us on our OP Live Friday morning broadcast at 8:30 ET, you would have known to watch that $5265 level when I said that would be resistance. Sure enough, ES1! traded $5264, couldn’t break out over it and rolled lower over $30. Now the question is where do we go from here? Friday’s price action created a shooting star candle which begins with the bulls in control, creating that long upper shadow or wick, but at a price level (my resistance at $5265) they lose that control and the sellers enter the market. That candle combined with the pitchfork resistance tell me we could have a pull back here. We also have two very important inflation reading statistics being reported this week; the Producer Price Index (PPI) on Tuesday and the Consumer Price Index (CPI) on Wednesday, at 8:30 AM ET. These are two numbers the Federal Reserve watches to gauge inflation and determine where interest rates should be. And as we all know, the stock market watches what the Fed is doing very very closely. Could be a crazy week. [Here’s a trade idea playing the market lower.](  Thanks for Reading … See You Next Tuesday, [ll sig, sig, signature, licia sig] All the Right Options. The Option Pit Team brings more than 150 years of experience to you every day. From the trading pits of Chicago to the world's largest banks to the halls of power in DC -- they've done it all. Now they’re collectively focused on one thing: making YOU a better, more profitable trader. Click the button below to schedule a call with our concierge Customer Care Team to find your best fit today. DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. The materials presented from Option Pit LLC are for your informational and educational purposes only. Neither Option Pit LLC nor its employees offer investment, legal or tax advice of any kind, and the analysis displayed with various tools does not constitute investment, legal or tax advice and should not be interpreted as such. Using the data and analysis contained in the materials for reasons other than the informational and educational purposes intended is at the user’s own risk. DISCLAIMER: OPTION PIT LLC IS NOT AN INVESTMENT ADVISOR OR REGISTERED BROKER. Option Pit LLC is not responsible for any losses that may occur from transactions effected based upon information or analysis contained in the presented materials. Specific trading ideas or strategies discussed in the presentations or materials are entirely illustrative and do not constitute the solicitation of a transaction (or transactions) or a recommendation to execute a particular transaction or implement a particular trading strategy. DISCLAIMER: TRADE AT YOUR OWN RISK; TRADING INVOLVES RISK OF LOSS; SEEK PROFESSIONAL ADVICE. To the extent that you make use of the concepts with the presentation material, you are solely responsible for the applicable trading or investment decision. Trading activity, including options transactions, can involve the risk of loss, so use caution when entering any option transaction. You trade at your own risk, and it is recommended you consult with a financial advisor for investment, legal or tax advice relating to options transactions. Want to change how you receive these emails? You can [Update your preferences]( This email was sent by support@optionpit.com. 1-888-872-3301 [Option Pit]( | 190 S LaSalle Suite 3000 Chicago, IL 60603 | [Privacy Policy](