Gap down open but within yesterday's range plus statistically, the next day to a Major Distribution day, most gaps, if not all, get filled the same day and the day tends to be a small range day (since nowadays the volatility is high, so small range day probably means +/- 10 ES points day) so my guess is the gap may get filled and we may have a range day today.
The Global ES is at a key point, because it can be seen as back test of the previous low therefore if cannot breakdown decisively then chances are the low was in for at least this round of selling. Let's see.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
bear flag breakdown on /es this morning and the calculated move was down to 1102. i went long 1110.. i think the bottom is in for now.. lots of nervous short sellers covering with huge spikes.. i am done for the day, been up since 5am
agnosia wrote:bear flag breakdown on /es this morning and the calculated move was down to 1102. i went long 1110.. i think the bottom is in for now.. lots of nervous short sellers covering with huge spikes.. i am done for the day, been up since 5am
5 AM is not that bad..I get up at 4:30 AM every day.Lets have good trading today.
usually, when I show lots of charts and people are happy with my long report, such a report most likely is wrong. So accordingly, the correct forecast should be: no rebound but the low was in.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Thanks for all the work you do, Cobra. I'm guessing 112 holds here and we make a few attempts to move higher. Hard to say if a rally would succeed.
overnight high usually is the rebound target.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
VIX 130 min - a continuation of a weekend chart.
The blue zone BUY signal (ellipses under the acceleration band) worked for a 4th time.
Target now ~45. Following calls with a loose trailing stop.