wink-ism #n You will NEVER have enough size when taking a profit. You will ALWAYS have too much size when taking a loss. Years ago, when CNBC was a must watch for me, I picked up a ditty from Cramer. Applicable to stocks only imo... If the stock moves 25% or more very quickly, ring the register on a portion of it. He called it a "schnitzel". Schnitzel-ing has been part of my investment plans ever since... I think it makes sense.
Will September go green as soon as tomorrow? Looks possible. Never mind the trend line. Might as well delete it. LOL. But I do draw them in once in a while if they seem to fit. LOL.
This recovery reminds me of the prior recovery. Always happens a lot faster than everyone thinks. Probably a lot of FOMO + short covering driving it. Just guessing.
That daily chart is almost a gosh darn road map at times. If ES closes above, or even just slightly below 5594, then today's high, if broken tomorrow, would likely see a squeeze back to high prices seen in August. The weekly chart makes me feel that as long as ES is higher than 5561 we should see higher prices ahead. Higher prices through November would be predictive of a Harris win at the polls, so I might have to open a betting account to take a bet on her. I felt when sleepy Joe dropped out it was all over for the Dems. At the moment, the stock market is telling me I was wrong.
Who's bullish? That report by Adobe spooked the Naz, but look at it for what its worth. They had record revenues. I dunno, but I would use tight stops if you're playing the bear side this evening.