It's key for the bulls to close this above 4405 today. That should/could initiate the next major leg up.
So far, it's not happening, but we've got 30 minutes left.
So far, it's not happening, but we've got 30 minutes left.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Initial push to 50% would`ve netted +10 +15 handles on a nice drop back... feels like they may wanna run em back to 20 ish...
Bingo - 15pt pull back. My TL came in at 4405.
Its not quite had the follow through I was expecting yet. Could still happen.
The reason I lost interest in the short side today is because we just didn't get any follow through below Friday's Low, although there was plenty opportunity.
That's once overnight, once on the Open in RTH and finally this afternoon in RTH. Factor in the relative strength on NQ which just wasn't budging much today.
Pretty much a range bound day after all.
It's possible today is simply a consolidation before continuation lower and this close in RTH was a bit disappointing for the long side, but I did enter a long @ 89.25 which I will be holding overnight in the event that we put in the Week Low here.
That's once overnight, once on the Open in RTH and finally this afternoon in RTH. Factor in the relative strength on NQ which just wasn't budging much today.
Pretty much a range bound day after all.
It's possible today is simply a consolidation before continuation lower and this close in RTH was a bit disappointing for the long side, but I did enter a long @ 89.25 which I will be holding overnight in the event that we put in the Week Low here.
What's your guys read on this? Are people still looking for a drop here or do you see the long side here?
I agreed with your post before this one. Today looked like a bounce down off of the hourly moving averages. It was getting a bit far away and over sold, so after today it should have more freedom to go down again now. So I am staying short.
Although it could revisit the 4 hourly moving averages first, which would mean it going up a bit more first.
If they can run them to 20... that would provide a nice NL for an IHS on the 15/30... right shoulder buildout to 80ish....
That said, The Overall theme is down for me in the big pic...
Big picture for me is down still, I am just not sure it's quite ready to have the bigger drop here or yet.
I will say this is the first day RTY has closed below its Daily support since got a buy signal on 01/26/2022 and 01/27/2022. It barely closed below though. Just surprising to me how well RTY is holding relative speaking, so that is what is giving me pause currently.
Guess what I said really doesn't help or mean much lol, but that's about all I have. Just going to continue to take it day by day.