ES Journal - 2023/2024

Was there any headlines to explain today's fall?

I was thinking we'd see some risk off going into FOMC, so maybe a pullback to 4150/4130, but the market literally dropped this morning.

Master Pu said:
I am just doing small trades, bored. Main long remains on.
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Didn't you mention something about taking profits if we broke above 4200 and failed? Or was that SPX perhaps?
 
~ 4141 with a small stop could be a nice short worth 10 points or more. I'm not taking it, though. Going to exit a long position at 38 if I get it and call it a day.

As soon as 41 is tagged and if we reverse off that level - the rest of the day is more uncertain. Most likely range bound below 4140 for the remainder.

Would be interesting if VZ gets his n < 10 type of day if we start ripping above 4142, though, and close green. I will probably not participate in that scenario, either.
 
Laissez Faire said:
That would be very impressive.

Very unlikely, but sure, similar things have happened in the past. I've seen stranger things.

These type of day's usually retrace the 50 % level after the initial trend down is broken, so 4141 now. If we start ripping above there, well, who knows.
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Yeah not holding my breath on going green today, but still bullish on the week. For now.
 
Impressive move of the lows.

I knew 41 was a likely target, but didn't expect it to go in a straight line.

This is clean buying with no selling.

Makes you wonder if we'll actually keep ripping.
 
Laissez Faire said:
Was there any headlines to explain today's fall?

I was thinking we'd see some risk off going into FOMC, so maybe a pullback to 4150/4130, but the market literally dropped this morning.



Didn't you mention something about taking profits if we broke above 4200 and failed? Or was that SPX perhaps?
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only ones i could see off hand were "slowing growth", fed announcement tomorrow, and debt ceiling (lol). I hate to jump in front of PA, but this seems like a last ditch effort to sell the crash, and smells like a shake out.

I sound like a permabull but I swear I'm not. shorted iwm this am but covered it after it held support, and vix is already crashing
 
Reversed off 41 pretty much to the tick. Okay. 1 tick shy. Clearly, the market isn't random, yes? :)

I got greedy as I often do and trailed a tight stop instead of exiting on the limit I had placed in advance.

If today's business as usual, we'll most likely grind below 4140 for the remainder of the day, so I'm just going to consider myself lucky and cash in my chips. If we start ripping above 4140 it would be interesting, but I think possibly not?

upload_2023-5-2_20-1-56.png
 
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