I stopped out for 1 tick of profit on the 48 long trade. It would now be 2,5 points in the red. If we bottom out and make a new push higher I can re-enter again at 48.
2nd last trading day of January today. Nice bullish bias. Negative bias for the last trading day of January, actually. If we close down - 1 % today it will be the first time in a long time we do that on the 2nd last trading day of January. May not mean anything though, but that's just some of the stuff I look at from time to time.
I'm long the NQ from about 12050, SPX was about 4050 I think at the time. I still think the SPX could drop down to 4010 before a bounce up, or even a move lower. Will probably see how we do over the next hour before thinking about cutting my losses.
Last week's RTH mid-point on ES at 36.25. Could trigger a bounce if we get there. Market's in a range now and pushing the lower end of the range. I just know I don't want to short this action, but who knows.
Maybe. That will be a bit too low for me to wait for. I think after 6 consecutive green days, and the touching of a previous daily point of resistance, it makes sense for the SPX to have a couple of red days now.
FWIW, I just checked my statistical model and the chances of a recovery today are very slim at this point. A drop into the Close is more likely. Maybe 4030. I'm probably calling it a day here soon. The kind of day that goes range bound and only when it's too late you realize it was a down day. Kudos to everyone who catched the short side today. I misread this one. If we should rally out of here I would be very surprised, so curious to see where we close today. By rally, I mean closing above 4060 or more.