any hunch/indicators given what happened today? Still seems to be a battle between 1750 and 1770 ES. I still think that move to 1640 not so long ago mattered. Unfinished business down there. Will stay short here and dare the mkt to really push into the 1800s.
No indicators are flashing anything of note. Being at the upper B177 channel and quadruple touching on blimps make this a clear time to go down. However in 1999 that lasted for months.
I think a pull back is necessary to facilitate a santa rally.
I'm sure many people were short beginning in upper 1600s after that move down to 1640, so seems unlikely they get bailed out easily. Wouldn't be shocked to see one more new high made perhaps 1778 ES and then the plunge. Jobs data Friday probably will be the catalyst.
Also am looking at coffee right now as a nice scalp long, even if not trying to call THE bottom. Thing is way oversold. JO is one ETF to play it.
any hunch/indicators given what happened today? Still seems to be a battle between 1750 and 1770 ES. I still think that move to 1640 not so long ago mattered. Unfinished business down there. Will stay short here and dare the mkt to really push into the 1800s.
ReplyDeleteNo indicators are flashing anything of note. Being at the upper B177 channel and quadruple touching on blimps make this a clear time to go down. However in 1999 that lasted for months.
ReplyDeleteI think a pull back is necessary to facilitate a santa rally.
I'm sure many people were short beginning in upper 1600s after that move down to 1640, so seems unlikely they get bailed out easily. Wouldn't be shocked to see one more new high made perhaps 1778 ES and then the plunge. Jobs data Friday probably will be the catalyst.
ReplyDeleteAlso am looking at coffee right now as a nice scalp long, even if not trying to call THE bottom. Thing is way oversold. JO is one ETF to play it.
I noticed JO also. Looked interesting, but I have also seen UNG (stay away from that beast) slough off for years on end.
ReplyDeleteMarket is out of time on the Blimp, but that is a "soft" ending.
Well it did get one more bounce, a 100% retracement. See new post on NQ and TF
ReplyDelete