ES Has Bottomed

Today's action provides more firmness to the notion that ES has bottomed.

 

Well, today we made a new low, so there is that...

 

Looking at the weekly I'm thinking ES could fall to 2,300 - 2283 zone. On the upside may get a 2369 print. Can always have a look at option positions, they can give an inside view at times.

Weekly and Daily Charts Attached.

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I see as a corrective low for now

https://www.screencast.com/t/dxmAJO15

 

Just how low it will go is the question. With the Trump Healthcare Bill not being passed may add to the downside.

 

I'm 3X short the S&P index and will cover at the year's open price. Enjoy the ride.

 

Yes the last 30 minutes on Friday was interesting and left me wondering - where next.
Hoping USD will crash thru support Monday.

 

Globex opening should give a good indication of sentiment. I closed everything Friday as per norm.

 

USD has large gap down on open right now, down past support.
That's bearish for equities mkt and bullish gold today my call.

 

I'm causious about using the DXY in relation to the S&P. Sometimes works sometimes not. Nevertheless, I think today is a down day for stocks. In the past, I have done the odd good trade using USDCHF and S&P correlation.

https://www.mcoscillator.com/learni...relationship_between_dollar_and_stock_market/