Would you Short This Bear Flag?

ES and NQ, 1-3, sometimes none.

 

982.50 is a big #. we stay below that, I will be short into the close

Pete

 

It looks bearish now but you have to wait till 12:25est for intraday cycle to complete, then go with a divergence .
Walter

 

move the buy stop to 982 even or take profit now,in case a spike up or range breakout.

 

I would not short this market at all today.

It appears that a classic and very much typical "MEASURED-MOVE" ended around 977.00 today.

Take a look at the 30-Minute Chart and you will see that the move off the highs was the "A" leg down ( 16.75 handles ) and the "C" leg down this morning off the highs of yesterday at 992.75 gave you a "target" of 976.00

We met this target this morning.
Time to trade back up in a "choppy" fashion!

 

Divergence completed at 12:38est.
Generaly it is not a good idea to try predict direction of a move before completion of a cycle . This one is a good example of it .
Walter

 

For ES mini, center on 981 or 980 and use a 6 point bracket (3 points above or below. Use a protective stop for each after entry of 2.2 and tighten it up to 1.2 if the pace quickens.

let the maket take you in, if it doesn't then you know it's a Friday in the summer time.

I prefer the 981 as the center since we areright on support and 20 points from R.

 

It won't move until volume is sustained at 2k/min.

 

Currently, no reason to believe that we're experiencing a breakout from the range that we've been in stuck in from 975 to 1004. If you're willing to hold for a few days, 1:5 risk to reward.

I see a responsive market as opposed to an initiating one.

 

Too extended, a day after decline started, subject to up correction. Could be shorted if there is more work at this level.