A few interesting (and possibly worthless) notes on the cash monthly chart: There were 4 months back in 2001-02 where the 940-950 area was important, and the sequence of monthly moves currently looks like it could repeat. The white square boxes on the chart show how we ran under 800 then back to around 950 at the end of 2002, and that currently has a similar look to what it happening now. It lends some credence to those looking for a retest of 800 or below. But it could mean absolutely nothing and we just go higher (had to add that part to sound like a typical analyst).
Stopped out as planned. Sombody must have read it since it's turning right around. No more of this nonsense of posting exact stops!
I hear ya. That would be an ideal place to hop aboard. I just felt that there might be some support at 900. Well, without taking me out first!
50% pull back to 900 must hold (for the time being) to trap more longs Next move, however is much less predictable.
This was the case of 2 different strategies giving opposing signals pretty much at the same time. All we got out of the dragon long is 20 mins hesitation between 905.5 - 907.5. On the other hand the new LOD after 2 pm was 905.5 and that short went below 899 and now at 3:30 still around 903...
3:00 is close time of many other stuff like bonds, currency futures, etc. for the floor contracts. ES sometimes is used as a hedge to those positions. By 3:15 if we do not get a significant sell off (like today) a strong bounce will take us back to 2:00 low.