ES is hugging this important line here. I had made some comments yesterday but not real decision was made. We are currently in such a congested zone in terms of price AND time that we should see quite a bit of action today. I had added to my shorts overnight but still relatively small.
Lets see what the US premarket does by 8:45AM.
taking a look at the 60 min charts overnight - wow. Thats a lot of price moves in a VERY small area. You can see we have not managed to break the upper trendline there but we are also not making new lows below yesterdays close.
ReplyDeleteIt appears the market is waiting for cash hours to try to induce a rally and then possibly run some stops (maybe mine) on the upper range. We are still close enough to jump to 1076 by 10:00AM. This would put a lot of shorts under a lot of pressure - primarily talking about more longer term committed positions that may need hedges above those range or potential partial covering.
wow just got back. Not what I expected at all as you can imagine. After seeing the morning break down I moved stops slightly and went back to work. Just to come back to see a 20 point rally.
ReplyDeleteSigh ... well at least damage was minimal but what a move. Need to go back to charts now to figure out next steps.