Today is not my day, didn't take profit while I was up 40 points before 10am then that very big red bar closed and had to just cut losses for for 142 points. Tomorrow is another day.
We're a bit confused as to whether you were long or short, and at what levels. The ES ranged only 27 points today, so huh?
Opened 5+5 at or around 4794, cut losses after 10:20am red candle, took about 16 points per contract. The afternoon trades were choppy, only made back 5 points on 10 contracts. Still hold 2 from 4684.
So...You are long then. +100 points currently on your open long trades? *shrugs* More power to ya'. I wimped out and took a 60-point profit, because I am le tired of ATHs. Prolly going to bail on the year at this point, take a break, because I don't like MTM at EOY with open trade PnL. PITA on the tax forms.
I could have exited with 7 points, was waiting to 4799. That first large red candle in the morning wasn’t expected, 15 points dumped. Tomorrow is another day.
I believe it's down to debt cycles. The previous bubbles were popped when interest rates were expected to increase significantly enough to prevent inflation, the knock on effect curbed the markets. This time is different, because interest rates have stayed low for way too long, meaning its much harder for central banks to offset inflation without creating a cascade of global negative impact. The market knows this and will keep rising until there is any kind of meaningful interest rate hikes. As long as there is cheap and easy credit, the markets will keep going up. However, surely at some point, inflation will cause prices to increase so much that demand will decrease, which could cause the markets to drop since average salaries aren't increasing in line with inflation?