10 yield chart not good for those bearish on bonds. I still believe feds want it close to 3% so they have room to cut when mkt gets dicey. Yellen really screwed the pooch with her dovish ways and now Powell needs to manage mess she created.
Retest of the big downward trend line from above. Healthy retrace for the longs or big fakeout? Time will tell. I’m long for the foreseeable future if it goes back over 2740 and short if it doesn’t.
The way I see it. 2680 was the resistance level to pass since March 27th. We broke out on May 9th and yesterday we came back to it and now gained 2680 as the new support. I think we rally from here if technicals mean anything.
We had some Clean Old School PA on ES yesterday ... Morning set up Short right back to the 50 Fib zone @ 2710.... Right down to 2675-80 Support Kiss Long .... Followed up to the 92 50% Fib Kiss on the button with a retest of the Swing Lo... Coast to Coast like butter & toast. I was fortunate to be behind the screens yesterday.. capturing both shorts & small Long on an intentional over buy for the ride... Have not "intentionally" day traded ES in quite some time but my reflexes went on auto pilot & took over... I did not post trades in real time so not going to post them but that was certainly a breathe of fresh air with just some of the cleanest textbook action Iv`e seen in a decade.. Hopefully a precursor of things to come! Good Trading Fellas...