How do you know if that's a legit break vs. a fake out? Can you know ahead of time? Obviously in a month we'll know
ES hit extreme out of balance open interest ratio again today as we traded in the 1326 - 1327 pricing level. I started to sell into rally again with this signal - covers at 1316 - covers at 1306 - last covers at 1282
Market will need a continued euro rally and US dollar sell off to sustain equities rally imo - we will see what greek debt deal does for euro rally - standing by.
We are gonna hit SPY 135+. We are in rally mode for the next month. Maybe at the end of february finally get a 2% down day. Before that very unlikely we sell-off.
You gotta have held short positions to get a squeeze - ES was on empty as market traded to 1327 today - below previous weekly high. Today the sell response off 1327.00 with pullback to 1318.75 added some newly initiated short positions - but not much in the big picture.
Any news that whacks euro back down - and dollar up - will pull US equities into selling at these highs - taking profits. If euro can run 3300's or higher then we can keep getting equities to look for buying - I think the US dollar movement ahead will dictate our short term direction - since econ news is flat. Equities has been doing a lot of buying at these highs - paying retail to get into market. If market can't sustain trade above 1300's then we will have an acceleration of equities long liquidation - market will drive back to 1280's or lower.
I actually give up.... don't think this thing will ever pull back this is someone who still sitting on his shorts getting ripped. Just sending the account to suicide at this point give up... fml
So, we won't have news that whacks euro down, since we're not gonna sell-off in the next few weeks. We wil hit 1280 only after we hit 1350.