So far just a nice little pullback. As noted by others here, next stop around 1030-38ish in ES. Then after that we watch the S&P trendline. Very unlikely that this first pullback after a long up ride "is the big one" everyone has been anticipating. Likely just a little pullback before resuming, but no one knows for sure until after the fact (well, no one but GS maybe).
Use the technicals as a guide and follow FB123's suggestion to look for a clue to when the market may be bottoming out for the time being. There is no need to rush in and buy at the moment. If you were long, i hope you thought about taking some profits on Tuesday or at the open today, and perhaps putting on a hedge or two to protect your long positions. Forget about trying to pick the exact bottom (or top). It can't be done except by blind luck or in hindsight. The best you can do is use technical analysis to improve the odds.
Use the technicals as a guide and follow FB123's suggestion to look for a clue to when the market may be bottoming out for the time being. There is no need to rush in and buy at the moment. If you were long, i hope you thought about taking some profits on Tuesday or at the open today, and perhaps putting on a hedge or two to protect your long positions. Forget about trying to pick the exact bottom (or top). It can't be done except by blind luck or in hindsight. The best you can do is use technical analysis to improve the odds.
