I view 1492 (futures) as a resistance point, and 1490-1500 as a resistance zone. If we can close above those levels my opinion will change. Good risk/reward trades. Edit: look at daily 6/8, 6/28. Now needs to close above level of 8/8 close.
My reasoning WAS that the Fed cut news would be priced in by now and that, after the barf fest that was early to mid Aug, longs would be ecstatic to sell out on this bounce. If the situation was so bad two weeks ago for these grown men to be whining and crying like two year olds and begging for a rate cut.... Clearly I lost my objectivity somewhere along the path. So, I'm flat now.
could it be.. -61.8% retracement from lows in mid-august -confluence w/ short-term trend-line -upper limit of median line do i win?
Initial price action was bearish, firming up early in the morning, and then turning extremely bullish once previous resistance was broken (now providing support). If 1484.00 can be broken during the afternoon session, those who are holding shorts can realize their profit. From the initial run the market has delivered about 30pts ES to the Bulls, at some point these profits will be taken. Good trading, JJ
was willing to pay up to find out on that one.....can`t pass up on a triple confirm & favorable R/R. looking for 95/96.....then 1500