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ES Journal - 2019/2020
- Thread starter Buy1Sell2
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The ASX has fused itself at the hip with the US markets, no date yet set for separation surgery. I'm targeting 6,550 for a buy. BTW, the ASX has underperformed the US by 45% since the GFC, about where Greece is, only the HSI is worst and they have riots, corona and recession to deal with.
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My feeling is that we should see a short squeeze up to 3180 area today.
Prior to yesterday's Open I called for yesterday closing positively and with the main move being up. I did this because the opposite, i.e., two strong days in a row have happened so rarely - particularly in recent history. That turned out to be wrong.
If, however, the rarely keeps happening...
What we're looking at now is basically 2 days down in a row both down 3 % or more - coming off an all time high.
Has it happened that we've gone down a 3rd day in a row following such a pattern?
It has. Not very often, though. But the last time was the 24th of August 2015 closing down 4,15 % the 2nd day. The 3rd day closed down at - 1,14 %.
Looking at that entire sequence down we actually had 6 days down in a row.
Bottom line - it's perfectly possible we continue selling further for today's session even though we're down a lot already.
If, however, the rarely keeps happening...
What we're looking at now is basically 2 days down in a row both down 3 % or more - coming off an all time high.
Has it happened that we've gone down a 3rd day in a row following such a pattern?
It has. Not very often, though. But the last time was the 24th of August 2015 closing down 4,15 % the 2nd day. The 3rd day closed down at - 1,14 %.
Looking at that entire sequence down we actually had 6 days down in a row.
Bottom line - it's perfectly possible we continue selling further for today's session even though we're down a lot already.
Have you seen it now ?
Reversal warning sings ain't triggered above 3050
Headwind continues right where forecast. We have an opportunity to get through there and make a strong comeback today and tomorrow. Staying long here.
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