S&P 500 short term overbought & low VIX

[monty21]

Looks like so far I was wrong on this one.

In some small defense , I recommended that you need not get in front of the bus on Monday (you went short Monday)... considering Friday close and Monday was so bullish. When the market failed to make new highs on Tuesday, the momentum had faded and it was a "safer" short. I also did say that at the 944 level, neither shorting or going long was the right thing to do.

Either way, I was wrong on this one. Let's see how it pans out for the rest of the week and into early next week. Curious to see when and if people will buy the dips.

 

[Eko_Trader]

Quote from monty21:

Looks like so far I was wrong on this one.

In some small defense , I recommended that you need not get in front of the bus on Monday (you went short Monday)... considering Friday close and Monday was so bullish. When the market failed to make new highs on Tuesday, the momentum had faded and it was a "safer" short. I also did say that at the 944 level, neither shorting or going long was the right thing to do.

Either way, I was wrong on this one. Let's see how it pans out for the rest of the week and into early next week. Curious to see when and if people will buy the dips.

I think they bought the dip into the close. I don't know how else you can explain that last half hour's surge. It bounced off 924 and never looked back.

 

[Eko_Trader]

Quote from MONEY4NOTHING:

Never been a better shorting opportunity...short ES at 944.

Great Call! I've been short since Monday. I would be the first to say it was more of a gamble than any downward confirmation on the charts. Didn't get that confirmation until Tuesday. I'm pretty stumped with the late day surge. You see any other set up?

 

[monty21]

Quote from Eko_Trader:

I think they bought the dip into the close. I don't know how else you can explain that last half hour's surge. It bounced off 924 and never looked back.

Or it could just be the shorts from 945 (psychological 950 level) that covered.

 

[madmaxer]

it passed 200 daily MA on Monday and it tested and held it today. if it breaks it and go below 920 tomorrow, we will slide below 900.

 

[monty21]

Quote from madmaxer:

it passed 200 daily MA on Monday and it tested and held it today. if it breaks it and go below 920 tomorrow, we will slide below 900.

200 daily MA?

Are you profitable using the 200 daily MA?

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