This represents the last call out of a naysayer or an individual making a trade or call gone bad that I will make here at the ranch. Good fortune to all!
We are now getting to the area where the rubber meets the road on this late day short covering rally. Will we fill the gap? We are going to try.
Wrongo----Awful guess. We did get the bounce but as of cash closing, we are at roughly 2743. So, while I was correct about the bounce, it went past my 2740 and of course, did not close at 2705.
My view is that the late day bounce was a short covering rally into the weekend and that we have more selling to come. I continue with my short bias.
Crazy how that Friday ramp still comes in like clockwork no matter what's happened on the week or how widely-expected it must be by now. Whoever's moving that size, we ought to send them a collective thank-you letter from the ES journal...
One has to consider the weekly bar - outside lower than the last 3 weeks - close..is this a key reversal ?