I thought this morning's rally was the kickoff for a move to 1125. Instead this afternoon the ES has dropped nearly all the way back to its early morning low at 1069. I think this means that the market is headed for 1060 at which point I think it will begin an extended rally.
8 comments:
I am in two minds given recent price action. My gut feeling is that the bear market in S&P has started. However the charts and waves still allow for one more possible move up to 1130-50 region. The chance for this move becomes more prominent if we can close above 1110 however given that 1092 zone acted as good resistence, I feel comfortable with the downside. So clearly it all depends upon how S&P behaves in current zone. My potential targets on downside are 1015-980-900.
I will be selling any rallies if we get that upward move, and I will be selling all break downs as we break lower. The only way to make money in bear market.
vs-trader.blogspot.com
Yes you're right about putting in the low and go up from there. But the low is always a tricky one to predict. Who knows when it will stop dropping lower.
What is magic about 1069? Seems like the downward channel you had on May 26 is alive and well. A drop to the bottom of that channel is around 1025.
my targer is ES1050..but either agree that this sell off is nearing end..
Short. Tomorrow's action will continue downward, as there was a late push and sell off at the close.
I will try a swing tomorrow on any pullbacks...or shakeouts.
Ah...what a volatile market still looking at guess estimates.Straight from 1077---1094 and then downward trend.
I will listen to Dr.CarlFutia.
Anyway,guess estimates in this type of market were fantastic.
Thanks for helping us !
GN!
23:28 in London
(IMHO)
Market is being driven by fear and risks caused by the international/national geopolitical events that seem to have the market spooked.
Not much conviction to buy up any supply currently. money has moved to the sideline.
See if we can hold support.
Thanks Carl,
Jack
Been watching the ES for a few years now..daily...and as usual, every day is a new one and I try to keep my sights on price action, ranges, and volume along with other aspects such as reading candles carefully...with hard stops.
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