Ouch closed on the lows. Think a gap down off the open Sunday is probably good for a long. I'd be a seller of that bounce though.
That's a pretty "flacid" candle. That candle is not getting a starring role in the next porno hit movie. Although, I think that "flacid" candle just screwed Eqtrdr in the ass.
Doing some @Laissez Faire data mining this week. Learning excel for dummies. Going over long view of ES and SPX and SPY. Found this. Crude image I know. I do my best. Two day chart. Each bar is two days. Also similar 7/16 but used 5/11 because similar % pullback and similar close relative to range from high. Also, range before drop similar. Similar price action. I'm a work in progress. Looks like more we get new highs than that we go much lower. The bottom panel is what followed right after the candle labeled 5-11. If we go up 13% from Friday's low then 5172. Maybe? Actual rally was 12.91%. I rounded up.
Good luck, Mr @Buy1Sell2! I don't have your experience. I don't know if statistics are significant or not. I went backtest many years SPX this weekend. If today closes inside day. The most times low is already Friday. Because close on low and big range. Big rally now. If we get lower today. Then low is probably today. If I did backtest correct. I am waiting for the open. If keep moving higher I will buy calls. For a swing. Good luck everybody! PS I have been reading book by Kora Reddy. $SPY High Probability Trading Strategies. Very data driven. Cost me $59. I feel I learned a lot. Maybe I make my $59 back?
Quick note----There was no gap up on cash this morning as the open was well within the trading range of Fri.
A bit slower than expected today and could swing both ways still... I'm thinking maybe 4660/70 from here.
in the fullest of time, but have to nursing the wound first. i am still working on trading back from that 10:30am red candle.