If this continues 2586 is next target. Sure would appreciate it if some buyers stepped in for a rally before then. If 2586 before lunch, then range/bounce until after lunch and a run at the February lows this afternoon?
break 2594 then 2586/87 is almost a certainty. This is a humdinger of a sell off. High tick today only +364 with sustained -1000's - is that right? I almost doubt the data.
I don't like the YM because the way the index is constructed makes no sense to me. I usually trade the NQ as it's quicker than the ES.
In a consolidation range, I notice whipsaw city with the signals. Things will look bleak as hell, and it rips higher and vice versa. Until we break the range, I don’t consider anything done. Disclosure: I went short last night. I consider overnight action relevant. Target ~2560 where I may reverse throttle.
I assume you are speaking of the contracting range that has formed since the February low. If so, imho, that period of range contraction is likely over as of this morning, range should now expand, and the market likely is heading to 2450's to 2550's. Could go lower, but have to give an almost 10 year old bull market the benefit of the doubt - so potential Double Bottom and back to all time highs. This is not a call - I'm no Nostradamus. Just saying what the possibilities look like to me today. See y'all after lunch