These large bars on higher time frames indicate two-sided action. Ultimately, I do think we're headed lower medium-term, but I'm thinking today could be a breather. Of course, there's always the chance we'll see continuation lower as soon as today. Taking a small long entry here at 70. Will add a few if we go higher making sure I don't take a full loss on a full position. That's key for me. EDIT: Unless today's an Inside Day (or we take out Friday's LOD), we should see 3915 today. EDIT: Will scratch that long at 65.
Would be odd if we don't take out Friday's LOD now. Question is how much lower we can go. There's an unfilled gap below at ~ 34. Maybe.
Could get a bounce shortly (TD Buy Seq setting up) but I'm sticking with the trend and will watch for places to possibly short more.
We covered a lot of ground last week, so I was thinking today would be a breather, but I may have been wrong there. So far, not much happening on ES. A bit more action on NQ. I'm wary of the market finding a bid in this zone, so don't have very strong confidence in shorting today. Should be interesting to see if we get any action below Friday's LOD or not.