Isn't it funny every move down taking out the previous swing lows, we see a "revenge" up move of about 3.5 to 4 pts. Not stop running? Several of them single order of several thousand contracts to buy at mkt ... Very interesting
Critical juncture ... either one will win, 1. Daily continuation sell off from here seeking for new low, or, 2. Short term intraday momentum buying to 1000
So far I see fake outs left & right... and price action from hell. Friday + End of the month.. yuck. I am staying out until 963 supports or 952 resists. I figure I should have clear direction going from there. What's your take on what would provide clear direction?
Judging by the 11:45 and 12:48 bars, it seems we will go lower. But who knows. It's a battle, like you said.
ES 971/976 is a key resistance area ES 943/45 is a key support area In between - whippy action, back and forth, not much to trade. No longs for me unless 986 is breached. Otherwise I will scalp shorts, for the next week or two, all the way down to ES 820.
i agree with that point. however i think its best to take the side of the trend which is down. if we take out the weekly high then we will run like a train toward the 1000 area. this has been a very strange trading session this week. there is still alot of fear in this mkt with alot of uncertainty and i fear that there is still alot that they are not yet telling us. so far todays price action is not good for my short positions. the more we test the highs the stronger the breakout to the upside when it happens.