keep an eye on the 5 minute cash chart
edit: cash riding a downward trendy and broke the floor but still on the trendy.
edit: cash riding a downward trendy and broke the floor but still on the trendy.
ES Journal Archive (2006 - 2008)
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short keeps confirming itself excellent signals to maintain short.
noone wants to get long at the first indication of a breakdown, in essence you end up buying the top on a intermediate downward move starting.
media sentiment on the boob tube is changing one to of caution from overt bullishness.
media sentiment on the boob tube is changing one to of caution from overt bullishness.
still a 8 point gap on cash... if the gap fills on the test then another short covering rally could start. But unless there are more catalysts. The daily high is too lucrative to not play a short off of.
Covered at 1548.25 for +5 points... I think the bounce off mornings lows in the NQ will lift the ES a little, so I'll be looking to reshort after the bounce
cash broke downward trendy but not futures yet.
Its Friday afternoon and as you have seen most have left early for a summer weekend. If next week is to have a couple of down days then the big money has already positioned for it. There is no need to start the bearish sentiment on such a day and imo better to end the week on a strong close which would be easy given the light volume this afternoon, to squeeze them Monday or Tuesday.
So if I was big money I would support this market into the close, thats the way I look at it.
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