Hi again , still focusing on the short side. Would go short around 693.30 and target the 685.00 level for tomorrow. We might see temporary support around 692.00, but I believe that support will easily be broken. Other than that, I'm looking forward for the market to test the 675.00 level again this week. as you will see in the chart below, the 200ma is still applying downward pressure on the market. Also, you'll see a nice bearish pennant formation. There's a small possibility it could break on the up side Good luck and good trading to you all
Tend to agree with you. The % decline of ER vs. ES on 6/16 was surprising. Was in a swing trade from 6/14 and sold 6/16 AM. Would have been way ahead if I sold @ Thursdays close. Daily's looked like mkt was going to run a few days at least without such a large pullback.
you have to understand, ER2 most of the time outperforms or outdeclines most of the indexes because it's composed of small-cap stocks. If you look at the charts, the ER2 has been kicking the butt of the rest of the indices the past 52 weeks. It's only fitting that it corrects much more than the rest of the indices. Broken? ughh... I don't think so. ER2 won't drop if the Dow and SPX go up from here. If the 2 major averages go down, then this thing will follow. That's just how small caps are.
...and out with 3pts support at 688.00( daily S2) is getting weaker. Er2 will probably see 685.00 by the end of the day
games over fro er2. the bounces have gotten shallower and shallower. i expect a test of 600 by oct at a min and maybe the 550 area if things get bad
The er2 is definitely in trouble. But I would wait and see what happen between 650.00 and 660.00. The bulls MIGHT take control around that area. If not well, the bears will bring down to 600... check the chart for more details
Market call for june20 Short: 682.40 target1: 678.80 expect resistance at the 677.00 level for a while target2: 674.70 Good luck and good trading to you all