Hope it works out and is just a short term intraday trade. Trend is up and pullback would be expected so your trade in my view is a counter-trend pullback trade and should be closely monitored. The move higher for today is a bit overedone so I understand why the short, Be careful
A quick look at a 15 minute futures chart shows that trend remains up and this is a minor pullback in an uptrend. Range trading tactics will not work in trending markets. Murray can testify
Inserting the same support line from yesterday's daily and weekly chart onto the 15 min, one can see that we have a lot of areas that are good buys and until that line fails or there is an obvious sell signal, I remain long in my view--Ish
Thus, in my view there is no obvious reason to be short here unless trying to play for a few points or trying to get back to cash gap fill. --Mind you---a cash gap fill today or Tues would not be conducive to further bullish moves. --It needed to occur much much earlier today---
Agreed. Except you've been saying that for three months now. 90% chance we'll close above 56 today with a small chance we can make a new high into the close. At the very least I think we should pop up above 70. IMO of course. Gap fill next week maybe. Not today...
I've noticed that my detractors only speak up or quote me when I make a bad call. Could of course be a complete coincidence.
Looks like I got what I wanted with a 2670 cash close. I would forget about the last hour afterhours in futures that yielded another 7 points to 2677. That is meaningless. --It was good to not get too far ahead of ourselves with major 2690 resistance just ahead. In addition, the weekly closing was fantastic especially with Monday holiday. Traders apparently feel secure for a 3 day weekend.