Here are the developing price patterns on e-minis futures higher timeframes (monthly, weekly, and daily) for the e-mini Nasdaq (NQ), S&P 500 (ES), and Russell 2000 (RTY)
Developing Price Patterns on E-minis
Both intraday and long term traders should be watching the monthly, weekly and daily timeframes for specific price patterns on e-minis. The ATR stops on all three have been flipped from blue to red and, although the Stochastics is indicating that price may try to retest the prior highs, there seems to be a loss of momentum for a continuation.
Additionally, the e-minis weekly charts are showing that prices are at an extreme (overbought) and the weekly ATR is also above price.
Going down to the e-minis daily charts, price is currently moving up and testing the slow moving average (200 period). Price may return to the ATR stop on the daily before continuing up to the ATRs on the weekly and monthly charts. This will indicate that support to push price upwards to the higher time frames is working.
Price Patterns on E-minis for Taking Profits or Tightening Stops
The daily ATR could be a nice entry point for a short-term long position. However, if price approaches the weekly ATR or monthly ATR, then the longer-term traders may want to take some profits or tighten stops. If the weekly or monthly ATRs provide resistance or hidden divergence forms, then traders may want to consider a short position.