Quote from pulsescan:
Today's Price Points
ES Z8 (Emini S&P 500 Futures)
= (1st) Short @ 1112.50 Target 1072.25 Stop 1162.75 (order not placed yet)
(2nd) Short @ 1168.75 Target 1072.25 Stop 10pts (order not placed yet)
3rd Resistance 1345.75
2nd Resistance 1243.25
1st Resistance 1174.75
*Intraday Support/Resistance = 1140.50
Reason: Talking through the trade
Market Overview:
Congress is out due to the Jewish holiday and will be back on Thursday to vote on the bill ahead of the House re-vote. Most of the uncertainty has evaporated from the markets i.e. we now know that the House could not pass the bill so the world economy now has fear coming into play. I want to remind you that this is the best time to be a trader as the volatility becomes high and profits can add up quickly. The system will look to sell any attempt at a rally. If the Bill does pass it will only allow for a rally that could be sustained until some time after the election only. The market is long overdue for a sharp correction. We still have a little over 2,000 more points to go on the Dow before a bottom can be put in. Make no mistake - WE ARE IN A BEAR MARKET! This market could last for atleast 10 years depending on how fast the Fed makes a decision to allow the markets to trade normally without Gov't intervention. The more market manipulation by the Fed, the longer the market will take to sell off and recover. The more Fed intervention, the harder the fall in the market. I could say a great deal more but I will not bore you with any more details at this time.
