That will teach me to talk trash about the FAANG. In the first two hours of trading, NFLX has recovered about $40 from its opening low . After hitting an early low of $1,800, AMZN has added $50. +2.8% adding about $25B in market cap in just 2 hours. Astonishing really. In 2018 there have been 32 open down gaps of -30 points or greater on the cash NDX. 19 of those have reversed higher for an average +95 day. 13 continued lower for an average -75 day.
You are making a great case for why I like overnight pullback on the ES futures in terms of day trading long
Exited my long here from Monday July 2nd. Exit price was 2815, entry 2709. Could be pre-mature but I dont feel comfortable being long here anymore. This was a gain of 106 points. Slowing of bullish momentum and us being at the first test of the Distribution that brought us down from End of January highs why I am bailing.
Short term, I don't see issues from the long side unles cash were to Pierce 2785 area and not rebound quickly. ---Nice trade.
Been awhile since I have seen one of these July days where they can lull you to sleep and rip it into close.