I think today might end a fizzer - however if we get a Globex tail down to 2960 level that may tigger a great long for new monthly high
For the why of those levels: 50% level of the last big move? Thanks for your thoughts Gaslight Capital, it's appreciated!
That is true and a fine observation. However, recall I that mentioned all three levels were struck between 1PM and 2 PM on June 15th, it may have been between 2 PM and 3 PM, but it was definitely discernible and calculable sometime between 1PM qand 3PM on June the 15th. That means that the middle level was not yet "50% of that big move." Look left, then measure, then look left again: Like crossing the street, "look left, loo right (measure), look left." That is how 100+ point swings in the spooz are found and traded.
Lost my internet. Here we are back at the 3040-3050 area. I plan to hold long above 3040, will add if break up thru 3050.
As we wait for the closing drama to complete itself for today, I'll update you on the crude oil (CL) market. Price action has wild and crazy....no surprise there, in this, the most manipulated market of all. This week, the price ran up to $41 plus and took out the gap-down from March. That was impressive. However, price could stay at that level for only 1 day. Crude inventories remain high as well as finished product inventories. Demand appears to have picked-up. However, prices have been holding up mostly because of OPEC production cut-backs. So, anyone want to trade with some of the best traders in the world from Goldman Sachs, Morgan Stanley, JP Morgan ? They are in the pits until 2:30 pm every day. https://markets.businessinsider.com...lion-short-oil-price-plunge-2020-6-1029297975 Their mandate is to burn the shorts so that their oil stock and oil ETF holdings aren't compromised. Today was classic: huge spike to $39 at 1:15 pm today.....and then straight the f*ck down. IMHO crude oil should be around $30 at most. What a market !
I think this is what you are talking about, right? I understand the MM part, but not sure what defines that level 3031. Because it is the support of the first meaningful pullback? Or am I completely off here and not getting it at all?