Today is just a “pause” day to work off the oversold conditions. I see it dropping again tomorrow afternoon. We are still pointing down on the daily charts, and the 60 minute is putting in a bear flag now. Plus the 15 minute is overbought. I'm staying put.
Red, that seems to correspond with my thoughts about us find some sort of potential short-term bottom at that fake print, which just happens to correspond to that level on the S&P. Once those stops are taken out, maybe we go to like 1030, but then have a deadcat bounce up from there before the next big leg down. Unless we get confirmation with lower low on the RSI below the Feb level. Then we could be in for a decent rally to finish off that potential H&S pattern on the Daily charts.
“ESM SPM are LOADED with sell stops under 1139.00 down to 1134.00 so far we have a total of 1.1mil minis traded”
Now keep in mind that they most likely meant to post 1039 and 1034, instead of 1139 and 1134… simply mistake, as I've just now got used too 2010, instead of 2009.
Anyway, it means that they will likely go down and take out those stops at some point. Today or tomorrow… who knows? But I think they will go down more.
got to 1061. Let's see what happens.
i dunno. looks like we are going to get to that 1061 today after all!
ES just broke out of an inverse H&S and already backtested the neckline. Target is about 1071.
I've been expecting it to rally to 1070-1072 all day, but it seems too weak to do it. Maybe it will tomorrow?
very possible.
I think we rally through tomorrow some point to about 1070-1072 on ES or about $107.60 on SPY. Then the sell-off commences again.
I'm staying short too Monica.
Today is just a “pause” day to work off the oversold conditions. I see it dropping again tomorrow afternoon. We are still pointing down on the daily charts, and the 60 minute is putting in a bear flag now. Plus the 15 minute is overbought. I'm staying put.
covering my shorts on thursday in line with the final treasury auction.
Red, that seems to correspond with my thoughts about us find some sort of potential short-term bottom at that fake print, which just happens to correspond to that level on the S&P. Once those stops are taken out, maybe we go to like 1030, but then have a deadcat bounce up from there before the next big leg down. Unless we get confirmation with lower low on the RSI below the Feb level. Then we could be in for a decent rally to finish off that potential H&S pattern on the Daily charts.
Well,
Mr. TopStep posted this earlier today…
“ESM SPM are LOADED with sell stops under 1139.00 down to 1134.00 so far we have a total of 1.1mil minis traded”
Now keep in mind that they most likely meant to post 1039 and 1034, instead of 1139 and 1134… simply mistake, as I've just now got used too 2010, instead of 2009.
Anyway, it means that they will likely go down and take out those stops at some point. Today or tomorrow… who knows? But I think they will go down more.
Here is their latest video too…
http://www.youtube.com/watch?v=4DWL6boFnls