Well that 8 point run in 20 minutes will give us a gap up tomorrow not only above todayâs cash high but above last Novemberâs high as well if the 1005 holds until the open. For those who believe in such things the 38.2% retracement from 1576.09 to 666.79 is 1014.14, then everyone assumes the next stop is 1050-60. I can see why people are chasing it when your absolute worst case is down 20 points from the most recent high and that was only once. I still think 985 should print before 1015, but without a surprise catalyst the bulls will just keep going. I am assuming that 99.99% of Americans have no idea that their exuberance over the recent stock gains is offset by their entire net worth being hit by the worthless dollar.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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From daily chart, the current ES topping process remarkably resembles the bottoming process of February. They mirror each other for less than one month period, similar in cycles, and 2:3 in price magnitude difference. If the premise is reasonably accurate, and the pattern mirroring continues, I expect:
price will drop 30points in next two days, then bounce back 40 points with 3 trading days, forming a double top. then 5 month down for 60% retrace of the rally of last 5 month.
Just for a little amusement.
price will drop 30points in next two days, then bounce back 40 points with 3 trading days, forming a double top. then 5 month down for 60% retrace of the rally of last 5 month.
Just for a little amusement.
Still holding this from last nights close. Only closed up 3 points today. Dissapointing. Hopefully they'll get a propper rally going tomorrow, and then we got T-day again!!
Could do with some nice upside.Quote from Michael.jstocks:
Still holding this from last nights close. Only closed up 3 points today. Dissapointing. Hopefully they'll get a propper rally going tomorrow, and then we got T-day again!!
+12pt stop, you got balls dude . . .
While I'm no expert by any means, it looks like this market is showing signs of exhaustion and build up of short interest.
Let's hope we get to at least 1012 before any downmove, GL. . . .
That's too bad.Quote from Lawrence Chan:
Yep ... stopped out
"
After some of your commentary, I decided to lookup the info on the COT that you've been referring to, and you are correct, the institutionals (professionals, hedge funds, etc.) are more heavily weighted Short than Long currently.
But I think they also use the ES as a hedging tool, as well as using multiple stratetegies when trading (stocks, options, legging-in-and-out of positions, etc.), so the information needs to be taken in context.
Also, it goes without saying that this monster uptrend (14 days and counting) is still going strong.
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