an outside day at major support.. means market has turned for the intermediate term.
ES Journal Archive (2006 - 2008)
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Quote from Lawrence Chan:
Spectre,
Agree that the gap at 1308-1320 area has multiple significance signs showing it will be tested again.
But, the risk of an extremely fast and hard short term drop can be very risky for most short term or even day trader to handle.
e.g. limit down of 150 pt ES before the expected rally.
Edit: this bad feeling probably comes from JSS' mention of his scary scenario
What do you think?
basically its a summer range trade from 1240-1320...
around sept/october time window, the market will manifest all fears, as NFP numbers get amplified to job losses over 200K, then the 50% fib gets tested around 1170-80...
In March I said 1150, and I haven't changed my mind. Technically, a 50% retracement on the cash SPX etf SPY would be 117.30. Let's say 1150-1180, which will be the target range when the next bear market rally fails.
:eek:
because we never got the downside washout with any fear upside is very limited. maybe 1300-1320 max. just as the downside has been slow with a ton of grind the upside will be the same way. but hey we have the rule of 10,20,30,40 and 50 plus t theory. hell anyone catch that rule of 10 last nigght? no i mean rule of 20. it happened at .4:21 eastern. i have an alarm on my computer set for the rule of 20 so woke up at 4:21 and bougght at 1236 and woke up this am and was up 14 pts. lol that was so easy
anyone brave enough to short r10
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