ES Journal - 2023/2024

Out of curiosity I checked my DB to see how often we've had a day drop as much as today and recover with a positive close.

I only count 4 prior occurences over the last 7 years. The most recent being more than two years ago in 2021.

Usually, these type of days get stuck in the lower end of the range after the morning drop is finished.

upload_2023-5-2_21-57-25.png
 
No use making any predictions going into FOMC, but this type of weekly structure with an initial FBO on Monday and continuation lower on Tuesday often takes out the prior week low by end of the week.

So, technically, it's not very bullish at the moment from my POV, so I wouldn't be surprised to see 4050 or more by week end.

Probably going to sit tomorrow out and see if I can pick up the crumbs on Thursday. :)
 
vanzandt said:
4111 spx cash.
My signals are hinting at a run north into the close.
It would be nuts if we closed green today.
Could happen.
More...
Well the signals were right. It didn't really go below that level, it came back to it, but at the high it was good for 15 points, 8 at the close. Ahhh, it was a solid read, strong support there. We'll wait for Powell before 4200 is on the table I guess.
 
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