ES Journal - 2019/2020

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Ok, I am back in. Probably going to be another 10-15% down today.
Laissez Faire said:
Yeah. SPX closed at 2529,19 yesterday.

2346,58 is a key level on the SPX for various reasons:

1 - 30,85 % down

2 - 2018 Low

3 - Very obvious. Everyone and their dog is watching this level.

I think we're set to test this level today and quite possibly break it, unless the PPT starts buying stocks at the Open. If it breaks, I think it confirms the next major leg down from here. Here's how I think this is going to play out today:

1. As of now, we're all set for another limit down open.

If we repeat the prior limit downs, we'll quickly hit 7 % Limit Down in RTH / SPX before another trading halt.

Where does that take us?

SPX 2352. And very close to that key level.

2. After 15 minutes of trading halt, my expectation is that:

a. We'll drop further immediately, i.e., a repeat of Black Monday 2020

b. A huge rally into lunch hours, before selling back down to test (and breaks) the morning low and finally 2350.

c. We actually find a long-term bottom in this area.

Personally, I favour scenario b, but am prepared to trade them all.

Thoughts? Criticism?
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Scenario B! I had the exact thinking, but it may close under 2300.
 
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Buy1Sell2 said:
Touchdown. We have a bottom.
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I don't think so B1. No way. At least not long term.
I'm not touching anything long.
I'll sit on $WORK for now. Its gonna drop too however.
If CXW drops below $10 however, I'll plop down $20K for 2000 shares in my granny account.
 
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