ES Journal - 2019/2020
- Thread starter Buy1Sell2
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I am expecting that that 2761.50 low holds, more or less, for the day. It may get a retest early in the session, and any re-test could +/- that low by a handful of ticks, even a few points.
I think the market has drawn in some over-eager shorts over the past two weeks, but this is really the first pullback of any consequence since the market bottomed and made the first higher low/higher high.
I think that the patient longs who waited for this pullback will have more buying power than the eager shorts. Those eager shorts will then be inspired, soon, to become very eager buyers.
At any rate, I think today will be positive in that it will close off its daily low, and probably in the upper half of the day's range. The conditions are there for a big range trend day up today, but that is more likely to occur tomorrow when the TV folks will be able to blame the renewed rally on the NFP results, whatever those results may be.
On the cash, 2850 still strikes me as a likely target, but 2825 +/- is possible site where sellers be waiting in ambush. That 2850 does not have to be a stopping point either.
I think the market has drawn in some over-eager shorts over the past two weeks, but this is really the first pullback of any consequence since the market bottomed and made the first higher low/higher high.
I think that the patient longs who waited for this pullback will have more buying power than the eager shorts. Those eager shorts will then be inspired, soon, to become very eager buyers.
At any rate, I think today will be positive in that it will close off its daily low, and probably in the upper half of the day's range. The conditions are there for a big range trend day up today, but that is more likely to occur tomorrow when the TV folks will be able to blame the renewed rally on the NFP results, whatever those results may be.
On the cash, 2850 still strikes me as a likely target, but 2825 +/- is possible site where sellers be waiting in ambush. That 2850 does not have to be a stopping point either.
Well you can tell by my prior post why I am a day trader and not a swing or position trader lol
It's a mean reverting liquid instrument
Has always been this way since I started trading it in 2006
That's why it's a contrarian traders paradise the majority of the time. It's the sub 10 vix that makes it a pain sometimes but in the end the vol always returns.
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