I agree. I was going to post that and saw your post. Would like to see that low tested near the RTH open tomorrow, but no guarantees that that will happen. Then again, if there were guarantees, trading wouldn't pay so well.
Not stuck exactly but that ofter market dip reached my awaited 2,791 target and got me out of most remaining shorts, so a white swan for me. Insiders leaned that China will place its fix below 7 today to stick it to Trump, that caused the flash dip (probably all bot induced as when Asia opened, the 2.2% dip evaporated with human intervention).
Tested the flattish 200 day MA once again. I actually thought this was in the cards a week or so pre-FOMC to force their hand into a bigger rate cut. I was wrong, it was postponed till afterwards. Looks a lot like the panic lows of Feb 2018.
Whoopsie daisy! https://www.marketwatch.com/story/us-freezes-all-venezuelan-government-assets-in-major-escalation-2019-08-05?mod=mw_latestnews
Had a friend (running GM in Venezuela), was full of praises for the country... look at it now! Just a reminder on how corruption can change fortunes.
Good observation, this is what happens when markets are elevated by fumes... nothing solid to hold them up. The real headscratcher is who's buying at the high to send them higher... can't be the daytraders, not enough of them. Can't be fund managers, surely there are not enough stupid ones to move markets. The logical answer is share buy-back but then we are in reporting season so none of that should be taking place. Who? Does anybody know? Anyway, come year end, markets should be at the top again driven by fundamentals and should then stay there (unless Trump or Powell, both unpredictable characters than don't think things through, put us on the path to recession)
stayed up all night to trade this short squeeze on ES and NQ. Been a great move so far. Nothing too unpredictable, but a hell of an uptrend. Doubt I'll trade the open today. I've never been a fan of the price action after a short squeeze. Just too crazy. Congrats to anyone thats made money in this. My futures account loves me, but I dont want to look at my 401k balance.
Looks like the bottom happened overnight and we are going back to 2950ish. This is based on the weekly chart, we reached the lower BB, so the bounce is due. The lower target is the SMA line around 2950.