Dip buyers took a hike. Black Tuesday today? Overnight low so far is 4582 - just above last week's RTH low. Could get interesting if we trade below there today. Should be good ranges to play either way.
"Lies, damned lies, and statistics." Cash need trade above yesterday high for ES to get back to $4700.50. Sounds obvious when I type it. But it is meaningful. In my opinion. IF cash trades above the 1st day high of 2 day bar, THEN ES trades back above its 2 day bar open. Most of the time. Statistics. IF SPX doesn't, then of course, ES won't. This is using hours when stock market is open. I am favoring @Buy1Sell2 saying. "Cash is king." Though if cash has that much power, she is probably the Queen haha. Good luck everyone!
I do. The biggest value for me re:statistics is to have an expectation of what typically happens. For example, people tend to get very bearish following a large day down, but when you look it up historically, it more often than not is a good buy the next day. That gives a sense of balance. It's possible statistical data is less valuable when we're moving outside of what's normal, i.e., heightened volatility as we're seeing right now. I'm trying a nimble short here (10), but will not give it more than 7 points or so of heat.
Quickly scratched that one. Waiting for the dust to settle for some clarity here. Either a deeper pullback or new lows coming...
4650 from here. Anything more would be a bonus. 37 is a potential reversal area, though, but I'm thinking it's only a bump on the road today...