If we go down next week first line in the sand that will surely be tested is 3860 as it is 20% down from highs aka THE CONDITION alongside of moving averages to call it a bear market officially.
I am not trying to be a smart ass. Genuinely saying / asking who cares if it's officially a bear market? Like you have probabilities that if we "officially" enter a bear market, than that's going to increase your shorting odds and you will lean more on shorts and less on longs?
only made 7 points today, was out in the morning and came back to the desk after lunch. next week going short but don’t want to trade on Fed news day.
Man I certainly see how bearish the monthly is still.... and also like was saying we hit all the minimal targets I had for NQ/ES and at resistance here on both Daily charts, so I do see the short setup here. However, over all I am still not overly bearish. I think we still have higher to go before too much of a pullback. Just going to take trades as they come long and short and take it day by day.