ES Journal - 2019/2020

Status
Not open for further replies.
Laissez Faire said:
Yes - I figure that was it. Seems like many were expecting 50 bps yesterday.
More...
Here is a snapshot of the Fed funds target rate (before the meet and after):
Fed Funds Rate 31.7-1.8 diff.png
 
Laissez Faire said:
Do 58 qualify as 50s...? :)

Or have yesterday's action negated this call?
More...

I'd have to say 58's counts among the 50's but I do not have a sell set up yet over the time frame I am looking at so the 3090's still stand. The next rally will decide. There was a short signal 7/29 that triggered 7/30 for a 3 to 5 day pullback and a price target of SPX 2963 ... yesterday's emotion took it there and a little lower. I think that the pullback low is in and we are now heading higher. Again, as I look at the $SPX, the next rally will be the tell ... new high or lower high? I've been long since 6/2-6/3 ... I have a sell limit at 3100 ESU ... we shall see.

EDIT 10:11 AM EDT: Actually what would really be nice from a short term swing perspective would be a slightly lower low with a close at or near the low today. I just don't think we get it and the low is more likely in than not. But I'd look at that scenario as a gift. But much lower? Then I have to start re-thinking things. 2900 - 2910 $SPX ought to contain any over reaction lower if demand is utterly withdrawn temporarily.
 
Last edited:
Bad news is now good news....meaning the FOMC will keep cutting if the economic data comes in weak....At least that will be the market spin. Looks like yesterdays sell off will be a distant memory by weeks end.....Buy them dips boys.
 
The drop yesterday turned out to be a gift for those people that missed the rally but wanted to get in: Look at the NQ surged about 135 points within such a short period of time!
 
Status
Not open for further replies.
Back
Top