My short options trade from 9/19 was some very easy money to the 50-day EMA Why did I short there counter to the strong trend? Upper channel line resistance.
I don't think it's abnormal. Still range bound in this zone. The market is down a maximum of what, 0,7-0,8% from yesterdays close in the pre-market? A 3% down move from yesterday's close is 50,50 points and takes us down to 1637,75, way below even S3. Not very likely to happen, so just curious what's the reasoning behind it. Market's always pull back. Does not mean we're crashing yet. PS: Merely playing the devils advocate here. Not arguing the long side from here or anything to that effect.
yeah i understand what youre saying. maybe im going too much off feel at the moment. i would normally look long at open next day if open were near the close. pretty far from it for me (mostly day trader)
Feel can be a bad thing if you're a technical trader. I remember during the downgrade frenzy where countries were downgraded left and right. Not just companies, but whole countries. There were a LOT of times I was sure the market was gonna drop like a turd, but it barely budged on those news. Pretty much ever since that, I stopped trying to relate news or my opinion of anything to the technicals of the market. PS: My two cents for the open: As long as we're holding above yesterday's close/low, we're going to fill the gap @ 88,25. 50% gap at 83. And still an unclosed gap above at 92. Breaking yesterday's lows could be interesting though. That shifts the bias to the short side (for me).