Futs are right above my TD REBO breakdown levels and Cumulative Ticks have been negative all morning.
I reckon if 3800 doesn't hold we are looking at the 3711 area next followed by either a move to 4000ish or new lows. I think down to 3711 then to 4000 is more likely.
Short term (Daily) I see trend as up and longer term down. Breakout and close above/below yesterday's High/Low may determine which way it is resolved. Unless current day and/or tomorrow are inside days. On an even shorter term basis (60 minute) I see longer term up and shorter down with current support/resistance levels labeled on chart:-
Well I have a new long position open. I agree. On the 4hrs and daily the ES is trending up, but the NQ is still in a downtrend on the daily which probably isnt helping. I was just purely looking at the 4 hours and thinking that previously it retraces to a level similar depth of around the 3700 mark before moving higher, so wouldnt look out of place here. Plus the daily seems to be getting repelled a bit by a downward trend line that started around the 10th of August.
Cut losses less than $5k in NQ and ES but keeping 2 YM long. Got a little bit greedy and lost. But I am still green since Monday. What a game of chickens.
Think buying on LOD is going to get exhausted at some point. Shorts keep smacking it down every time it moves up.
93 is the weekly Open and currently holding. Bigger move coming out of here - up or down. Stopped out of a few late shorts here with tight stops, so flat and stalking now.