Volitility usually leads a reversal. Candle is in as well and we broke through the intraday support into the close. IMO we're going red tomorrow. Anyone else's analysis getting this as well? Break of 1510 will send us sub 1505. Trend edges are ~1520 to ~1510. A/H going to change that a little Maybe get 1 or 2 more days out of this, but I think we're getting close to a pullback. Still gonna be taking longs though due to rampant support so far. (Just a scalper)
Sure, I'd like to see the 1500 area tested again but I expect a little pull back in the early morning to test 1512 area on ES, where yesterday's average volume is located. Any bounce from that level, I'll be closing my short and might even reverse and go long (yikes!).
Sounds good! Thanks. Yup, that 1512-1511 area has a lot of support in it @ the moment. Ill be lookin for that area as well. I think there's a good percentage long down there for a scalp. In fact, market has been doing that quite consistantly as well. Take it down early morning and then reverse it right back. I think that 1514.5 pivot will really come into play. If we open below that Ill be more confident in the short however.
If Europe's any indication we'll chop with a slight downside bias. Yesterday there were many institutions who were buyers at least on the floor (as supposed to local sellers providing liquidity/getting ass kicked), they probably want to take the S&P to the next level in the mid 20s so we'll probably not go down as smoothly, if we do at all.
Institutions have been dumping it 6 pts at a time. Looks like we might've made an intermediate top as of yesterday?