ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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in a emotionally charged day... which today isn't even with the nfp report, markets rarely retrace as much as expected and are more prone to one sided gaps.
So, breakout mode.
61 or higher implies 72
54 or lower implies 48
61 or higher implies 72
54 or lower implies 48
Lawrence
Could be very wrong here but this move yesterday afternoon and today just feels too orcastrated and not based on any new neg news. IMHO the news and data has been better than expected. IMHO the US economy is in better shape and most risks have been taken out of the market by the fed than when we were above 1400. Not say we are going there but unless
more bad news comes out a test of 1300 should come eary next week....
Could be very wrong here but this move yesterday afternoon and today just feels too orcastrated and not based on any new neg news. IMHO the news and data has been better than expected. IMHO the US economy is in better shape and most risks have been taken out of the market by the fed than when we were above 1400. Not say we are going there but unless
more bad news comes out a test of 1300 should come eary next week....
It took 5 swings (perfect swings) to drop us to this price level, 50% of the last leg up.
If the price holds and started to bounce, yes new high (taking out 1290) is in play.
The swings from this point onward will no longer be that perfect as it always rotate from orderly market to messy ones
A break below current level will implies a test of 40s ... will be up to the value buyers there to decide if it can bounce from there.
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