ES Journal - 2019/2020

I agree with this statement in it's entirety. The market generally has already shown the least path of resistance and news may enhance that. It rarely reverses it for more than just a knee jerk reaction.

 

Again strength here 2622

 

I've drawn a line here at the 2622 area on the futures charts that may be importance . Notice how we haven't been able to get far above yet. It may be a critical area--

 

A further look out at the weekly futures chart also displays the potential importance of where we are right now.

 

So? If you replace the word top with peak, you will have a better understanding of market geography.

 

The same line exists on cash daily and weekly charts however the line is more in the 2600 to 2605 area and we bounced off of it and went higher so far today. Cash does rule futures so it may be worth a look into.----

 

Weekly cash----

 

Now--we have a new high finally and can begin considering whether a downmove will follow. My thinking is long for now.

 

This is too fast up---I typically don't like that.

 

This so far 20 pts jump is fundamentals/news related based on the US contemplating lifting the Chinese tariffs.

Fundamentals beat technicals all the time...