No need to give it 10 points. Better scratch it for 5-7 points if this doesn't pull back now. Regardless, I bet upside is limited today in RTH.
Maybe, but how many stops at or around 6020? Plus the allure of a round 6000. Edit: I agree with you that we should go down, but in this psycho market, we're one tweet (or whatever they call them now) away from a 200 point day and new ATH. Maybe the market gods are punishing us for laughing at their V-prophet
Well fed won’t be lowering rates in next 1-2 months . The move to buy every dip still working to perfection. Anyone who shorted this mkt at 5600-5750( which 4 weeks ago looked crazy high) and held is ready for a mental asylum . We refuse to drop squat outside a quick tiny % drop which a trader must cover quick
Just my technical/statistical view based historical NFP weeks with a similar structure. Nothing fundamental behind my view. This is just pajamas trading pre-market. I still figure there's a good chance this sells in RTH, but timing the exact high is difficult. Personally, I tend to take a few stabs with limited risk until I get it right.
Same or similar approach here: be wrong small and add aggressively when you're right. If it pulls back to around 5976 and it doesn't cut it like butter (and I'm still at the computer), I'll be looking to buy for an attempt at stop-running at 6015-6020 plus the pop.
The key, IMHO, is to see what's above 6009 now. Longs look comfortable now, but a failure above here can trigger a very nice short for a reversion back in yesterday's range.