Anyone use the daily and weekly to forecast possible highs ? I'm looking at 2875 as the high for tomorrow or Thursday. I'm hoping we pullback before that happens so I can get in, but I won't get that lucky. This will probably scream on up without a smidgen of a pullback.
Oh crap, sorry for typo there that led to a bit of a debate. I meant to say that I think we are over supply.
I'm hoping 85 but 75 definitely a good number to be looking at now that price had cleared 45 and even if price falls below it a bit. We pulled back almost 200 points from the rally high, and price is now just 25 points from what could very well be the high of the reaction, and from a level you yourself forecast as a possible high, and now you want a pullback to get long? Where were you Sunday night? or this morning at the open? Pullbacks all over the place Sunday and Monday . As an aside, statistically speaking we have a nearly 70% chance that today's high, whatever and whenever it turns out to be, will be made before the day makes its low, whatever that price will be. Still over a 30% chance the low is in and we close at the highs. But good chance we print the high and sell off from there, imo.
Well in my defense, I did grab 48 NQ points on yesterday afternoons run up. Reason I'd prefer a pullback now is I'm cash, and I won't go long at these extended levels. I like to buy pullback in ES and ride it up to that 75-85 level. Right now, I'm just watching it slowly churn on up. From an R:R perspective, its just too far extended on the 60 min for me to risk a position.