Progressing well as per the template outlined above. Every FOMC day that closed down recently closed down the next day as well. There may be rips and rallies, but I think the momentum down is too strong by now to save this weak (pun intended).
Or maybe the market will surprise us once more and reverse higher. Probabilities and common sense says lower, though. But there's no knowing for sure how high we can go first. I'm selling here, though. Will take a few stabs with tight stops in case I'm early. 4115. Already had one short entry at 4112 which went back to B/E. EDIT: I see 4120 as top of the range for now. If we break out above there, maybe we'll see 4135/40 for the swing high.
Another B/E stop out at 13.25. Got back in 09.25 and may stop out B/E on that one as well. Ultimately, I think we'll see lower numbers this week, but it can go higher first.
The best outcome for the short side today would be if we open below yesterday's low (4105) and are unable to get back inside yesterday's range on the RTH Open.
When? I can easily see that next week as the range bound market continues, but not my main scenario for this week. Now, watch us have a huge day up today. LOL.
I hate being short, though. Seems like there's always a bid in this market except the few times I go long with a 20 point stop.
Covered this one on a trailing stop at 96 for +13.25. May just have given up a really good entry, but didn't want to risk it go all the way back into the Open. Primarily looking to short again, but probably not until the RTH Open. We can easily go bid on the Open, but I'll be looking to sell at some point. Best is if we get a failure around yesterday's low.