We bounced from the low 50's back to 58 twice! 50 was rather well defended. The dailies are starting to look like a symmetrical triangle. It seems like the 950's level is very sigifnicant. What's your take?
The first bounce off 50 level should have taken ES to fill the upside gap. Failing to do so today leads to the sharp sell off. Obviously buyers have no conviction to buy higher ... We need news/earning/shock to move out of this range.
So Simon was wrong about reaching 1040 today, but the pattern is still the same that was posted a week ago. Today we pulled back to the SMA line but luckily closed above it. So the going over the SMA went up only to 980ish instead of my 1040ish expectation before pulling back. Here is the action: The next 2 days should be both up and reach 1020-1040...
Today's decline stopped right by Monday's open, and the afterhours action suggests that Pekelo's 1020-1040 target is right on. A strong move above Monday's high would confirm a higher low and should take us to 1035 by week's end. Today's inside day is bullish.
I was out of line here. My apologies. I do post most of my observations elsewhere, but there are still reasons to stop by here.
Pek, as a strong believer in basic price swings ... I guess we need to take out the highs from past 2 days first before we have a confirmed move to get there ...
SS, Apex and MB both have something else to do outside of ES trading, just like you and me Over time, I do believe those who stay and post regularly here are the ones sharing "what they see" and that exchange is a great thing by itself. p.s. I have my share of weekend meets with other "traders" locally here and ended up doing teaching lessons on trading 101 with no one really listening ... maybe B1S2's view is true