ES Journal - 2019/2020

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Gaslight Capital said:
I refer you to the price activity of February 24, 2020 through March 23, 2020. You may have missed what some of us call a market decline; or, as CNBCC would say, "Markets in Turmoil."

Why are so many frustrated that what happened already hasn't happened again? And why do so many speak as though it hadn't happened at all?
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Indeed. "Drop" by most folks now appears to be defined as 50 percent or more over a couple of years. Hell, maybe even 70 percent wouldn't work these days.
 
Massive market move afoot---

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speedo said:
Target 1 was prior high test, T2 was 23.6 extension and T3 was the 38.2...sloppy mid day but often is. Stop stays under entry swing pivot unless counter trend in which it goes to BE at T1. This trade was with trend.
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speedo, I took the same trade but in NQ and based on volume activity on the 1 min. You trade off 5 min ? What was your basis for this long ?
 
syswizard said:
I heard on Bloomberg that CA announced an increase in Covid cases.
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The market simply found that nest of sellers, again, who have been camped out at $3233 on S&P 500. That was the fifth of five intraday touches this week and each had the same result, i.e. there are sellers camped out there. No news necessary to cause that minor reaction. Whether it was intending to be a major reaction remains to be seen as the bulls were literally saved by the (closing) bell. Where news would be helpful and likely have a profound effect is if someone were to drop some Covid-19 vaccine PR 6 minutes before the regular trading hours get underway in New York. Price needs to jump over those sellers and make them turn tail and chase price as it rips higher.
 
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Gaslight Capital said:
The market simply found that nest of sellers, again, who havebeen camped out at $3233 on S&P 500. That was the fifth of five intraday touches this week and each had the same result, i.e. there are sellers camped out there. No news necessary to cause that minor reaction. Whether it was intending to be a major reaction remains to be seen as the bulls were literally saved by the (closing) bell. Where news would be helpful and likely have a profound effect is if someone were to drop some Covid-19 vaccine PR 6 minutes before the regular trading hours get underway in New York. Price needs to jump over those sellers and make them turn tail and chase price as it rips higher.
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Yep, needs a gap and go.
 
Gaslight Capital said:
The market simply found that nest of sellers, again, who have been camped out at $3233 on S&P 500. That was the fifth of five intraday touches this week and each had the same result, i.e. there are sellers camped out there. No news necessary to cause that minor reaction. Whether it was intending to be a major reaction remains to be seen as the bulls were literally saved by the (closing) bell. Where news would be helpful and likely have a profound effect is if someone were to drop some Covid-19 vaccine PR 6 minutes before the regular trading hours get underway in New York. Price needs to jump over those sellers and make them turn tail and chase price as it rips higher.
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speedo said:
Yep, needs a gap and go.
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Pretty much sums up where my current thought process as a whole is at as well.

As an aside though - I think it could get bloody in the short term if say we finally breakout of that 3220 level or gap above it then reverse hard.

Isn't next week mega cap tech earnings?
 
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