Re: 03/26/2020 Live Update
Posted: Thu Mar 26, 2020 3:10 pm
NYMO has spiked to the upper turn zone.
This doesn't provide an edge per se but says it is time to watch for a change in behavior.
Three possible patterns to watch as a guide:
1) NYMO stays elevated and spends time (usually choppy) in the upper turn zone = This is an initial price thrust and price will likely keep climbing.
2) NYMO reverses sharply = Price reverses sharply too.
3) NYMO eases off gradually = Price consolidates and churns perhaps with upward bias and perhaps with mild corrective move at some point.
So, no idea what will happen as usual but a this may help to shape a useful bias.
This market has been extraordinary though. So, may also get the unexpected.
I have scaled out a lot of my accumulated SPY and IWM etf positions.
I do have some long ES future on but without conviction. May jam the stop at signs of a turn.
This doesn't provide an edge per se but says it is time to watch for a change in behavior.
Three possible patterns to watch as a guide:
1) NYMO stays elevated and spends time (usually choppy) in the upper turn zone = This is an initial price thrust and price will likely keep climbing.
2) NYMO reverses sharply = Price reverses sharply too.
3) NYMO eases off gradually = Price consolidates and churns perhaps with upward bias and perhaps with mild corrective move at some point.
So, no idea what will happen as usual but a this may help to shape a useful bias.
This market has been extraordinary though. So, may also get the unexpected.
I have scaled out a lot of my accumulated SPY and IWM etf positions.
I do have some long ES future on but without conviction. May jam the stop at signs of a turn.