ES Journal - 2023/2024

If we pull back to 4150 - I'll load up the truck. Testing the waters here at 61, first.

I have strong odds of yesterday's HOD being taken out today. If we gap up that can be a sell, but we should get up there one way or the other.
 
On the subject of trades that are hard to take - fading/selling into a strong move higher (even if that move ends up reversing hard) is the hardest trade I can take.

In comparison - buying near a (perceived) bottom is something I can do fearlessly.

It used to be the other way around starting out.
 
Laissez Faire said:
Well, if you look beyond a price chart and consider the conditions that have been driving this prior bull-market they're no longer present. We actually have interest rates now, money is no longer free and the FED is no longer flooding the market with free money. So, things that didn't matter in the recent past like earnings and economics should matter now.

I struggle to see why we would have a sustained bull market in these conditions.
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This is the very reason that I pay little to no attention to news and fundamentals. It keeps me from trying to figure out the "why". I would mention something that may be important---don't know----There is 2.5 trillion in cash sitting on the sidelines right now and a good portion is with money managers that have missed the entire rally so far.
 
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Buy1Sell2 said:
Typically, the hourly cash chart needs to resolve (fester) before there can be continuation up.
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Basically what happened yesterday afternoon, was that the initial spike and then pullback resolved the hourly cash chart and put a firm floor in at 4100 cash area.
 
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