The market has spent a significant amount of time trying to carve out a top though prior to today. I'll be out and flat at end of day if we don't have a significant recovery.
Likely more than it could. I can always get back in. I am moving the vast majority of my holdings to the sidelines.
Why not proportional to volatility, out of interest? I always trade the smallest size available on the NQ until I reach 1000% ROI and only then double size. When I have tried to scale into positions in the past I end up turning a winner into a loser or adding to positions that are losing etc. I will just have to give up on higher time frames and accept the fact I need to sit in front of the computer and trade the lower time frames. Its a much better skill to develop anyway given that the market can spend a lot of time going sideways.
I think it could still drop down quite a bit more without having taken out any major levels or breaching the main uptrend lines. We are only 20 SPX points away from the half way back retracement of the last big push up.
Possible, but I have a rule that I set a long time ago and it was violated today and this week in general, so I'm out shortly. ----Except, I will hold my banking and bond holdings. ---I can always get back in long on ES and SP etc.
Monthly chart still looking good for SP/ES, but it doesn't react quickly enough for me so I pay most attention to the weekly chart for longer term bias. The fact that the monthly still looks decent is what has prevented me going short.
stop out 4 long trades in a row, no luck today, 100ma touched on my chart, let’s see what the cpi would bring.