A breakout above the megaphone top line that develops support or a medium term long signal from below the megaphone top line.
3932 there I think. Good for a 50 point drop. Ask me how many of them points I actually caught, though. (hint: It starts with 0! ) SPY chart, but same stuff. Not gonna go long here despite being tempted
Level traders getting creamed trying to pick a bottom on the way down. I'm enamored by 3925 on the day. I trade by levels myself, but on a trend day down and when someone simply wants to sell those levels have as much support and significance as butter against a hot knife. Nice! Thanks for that chart. One thing is to see those levels, though. Another is to have the foresight and skill to trade in the correct direction. So, I commend you for that call. Nice work. Personally, I think it's too early for a long. Unless some op-ex magic comes into play.
Trend followers also get creamed at times. That is why I asked Buy1 at what level his outlook will change to yep, breakout is now real.
Most days ain't a trend day on ES. Not at my trading computer at the moment, but I think it's about 10 % of all down days. As long as we hold below ~ 62 and doesn't make a higher high here I think we still have good chances at new lows here by the close, but with quad witching it's probably a tough day to predict.
They keep selling that 62 level, but no follow through as of yet. I still think a rug pull into the close is more likely than an up move. Anyone seeing anything else? A strong move above 62 today seems improbable to me on a "normal" day, but maybe with quad witching it's different and more random dependent on positions on various contracts being closed out.
I didn't get anything from my 50 point drop call, and I didn't get anything from the 30 point rally from my buy area of 30 ish, but at the moment i'm short from 60 on the ES with a stop at BE. No idea where we close. Looking for a break of the earlier lows