And the daily continues showing weakness in my view with the bounce off of the trendline yesterday which also coincided with lower daily Bollinger Band touch. --I don't follow Head and Shoulders patterns but I would certainly think that it could be said that a right shoulder is forming here especially with the upward trendline.
There is also room to top again, no? Do you see a double top as possible in next few days? Maybe? This is only 1st new high so H1. H2 would be stronger. Sorry for crude markings. I only have paint. Not very knowledgeable with it. Thank you @Buy1Sell2
In my opinion there is definitely room for upside as well. I find the markets very hard to predict long term in current conditions. Optimism or pessimism regarding Covid will dictate the direction the market goes in the near future, not PA or TA. In the mean time some FED speakers and economic releases with unexpected results (mostly due to Covid) will give us some volatility. PA or TA can be on the bearish side but if tomorrow there is some reason to be optimistic about Covid markets will shoot up, bearish PA/TA or not. Can be the other way around as well, with some pessimism the markets can drop a lot more from here. Anyway, just my 2 cents. I am not going to try and predict the direction, i will just trade the action.
Always missed the afternoon rally, I don't take trades after lunch normally. Next target 4731 if CPI tomorrow modorates just slightly.
ES did drop another hundred points from the time of your post before it stopped. Fell back about 80% of the last rally. More tyhan 50%. Fell over 100 points below 50 day SMA. That is $5000 open loss if you held waiting for god to help. I think I give this one to @Buy1Sell2 and his magic trendline. Trendline he drew caught the turn to the tick. Or almost. As I said yesterday. My hat off to you, Mr B1S2
That's fine bro. I don't need no credit, I'm here to kill some time. He was just lucky this time, that's all. Has he closed yet?
Tomorrow big day potential, NQ and ES Daily no longer oversold. Generally best chance for further continuation is if we have a good rally on the candle after oversold stops. If it takes longer than that typically get weaker up move overall or increases chance of failure. Still not a huge bull here though we really need to start trading above 15987.25 to get anything serious going. Otherwise this is a pretty weak move relatively speaking, particularly on NQ. Will see what tonight's action brings and than trade accordingly tomorrow. Right now I am slightly bearish bias still for day trades, but there's been a lot of great long setups too, so am open to trading both sides. If trading above 15987.25 though I'll be more cautious on taking shorts.