240 chart has potential for upside here, However, I think 1490 area needs testing first. That is not to say that it couldn't continue falling there either.
talk about a choppy market down up down.....probably will close on friday at or near last fridays closing price. pure traders market
My analysis is that we have more downside and the 1490 area is a place that we could reverse from if we are going to. I believe that we must test that area before the market can move higher. Intraday bias favors more downside. Bottom line is I am out of the market right now as I am in a state of "don't know" .
Which is one level better than being in a state of "I'll be damned!" (That was the state that I was in yesterday afternoon when Apex called his long entry, I didn't have the cajones to follow suit, and then the ES took off like a rocket while I kept muttering...well you know.)
Possible scenario for today... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1669586>
take a small piece off so you can trade this position comfortably. LET THIS ONE RIDE! you owe it to yourself. If the market breaks 1526 then close out and reassess at a later date. This could be the homerun we dream about.
ES 1526 would be about a 1% rise from my entrypoint, so that would put my SDS stop at -2% or 50.25. SDS opened right at 52.30.