Bear in control?
ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
Bear in control?
Yeah it's a joke that anyone thinks this is going lower. Between now and July9th no downside at all.
PCE is irrelevant. Won't move the market much. I say this every month. It's such a non-event at this point. No one cares. Stocks only go up anyways.
5 days in a row ES gave opportunity to buy at the level of last week's breakout, and all 5 times there were eager buyers.
I don't feel comfortable making predictions. If price were to drop, I'd be looking at the level marked by the lower trendline for a long, or for signs that the trend is no longer up.
As the days tick by I wonder if ES is just going to waddle for another week or two and does a sideways walk across the range to the rising trendline before it fires the next leg up.
Why July 9th?
Nice trade!
Not going down the last day of the Month of QTR.
Next week: It almost never goes down on Monday and if it does like this week then it's usually a trap. Can't see it dropping with July 4th the most bullish time ever. We also have a half day on Wednesday so that will be a waste of time session. And do you really think it's going to drop on Friday July 5th? No way!
That takes us to July 8th and it always goes up on Monday. And then we are at Tuesday July 9th. I'm sure there will be a -0.10% day, but it's not going down. And as the weekly Bollinger Bands go higher it will eventually explode higher again. I don't think there will be a single day through July 9th where any puts will print.
I'm guessing it means Point of Control on the Volume Profile