I don't know how to interpret this monstrous looking thing.
I see a bear flag that has apparently failed. DOW went under a key support but came back up and closed above it 2 sessions in a row.
However, the last session has closed below MA 50 resistance in what is primarily still a bear market.
So, what are we to expect in the sessions to come??
I see a surge in volume over the last 5 sessions, and the last 2 session's volume is telling of bears' frantic covering (not surprising, given the ban in short selling).
Or are people actually buying? But who's buying??
Me, perhaps, today.
If Big Brother wants the market to go up, why go against him??
MACD's looking really grotesque, and tells me nothing.
I see a bear flag that has apparently failed. DOW went under a key support but came back up and closed above it 2 sessions in a row.
However, the last session has closed below MA 50 resistance in what is primarily still a bear market.
So, what are we to expect in the sessions to come??
I see a surge in volume over the last 5 sessions, and the last 2 session's volume is telling of bears' frantic covering (not surprising, given the ban in short selling).
Or are people actually buying? But who's buying??
Me, perhaps, today.
If Big Brother wants the market to go up, why go against him??
MACD's looking really grotesque, and tells me nothing.
SPX Daily
SPX is clearly on a downtrend too. But with the ban on short selling, price can only go up. Provided there are still willing buyers.
The market's just totally screwed.
2 comments:
Hi, for ER2 trader the best fit is trying the NQ or that was what I heard from some of former ER traders. One ER trader switched to gold, GC I believe and she said she was please with its movement. Due to the sheer number of contracts at any level, ES move is diff from ER move. "The market's just totally screwed" you are correct I don't think 'normal' market movement is going to apply to today market. Stay nimble, alert and flexible is the key to your survival.
Thank you, Cory, for your note. You're right, flexibility is key. I tend to get really stubborn and it doesn't help me as a trader. ES is really not my cup of tea. I am just always a couple of hundred bucks ahead of it (meaning that I almost always have to loss that much first before it goes in my direction...if it ever turns in my direction). With ER2, I'm almost always at the right place at the right time coz I somehow am able to smell fear when it's there.
I've never touched gold. The chart I'm using doesn't give me access to things like oil, gold and other commodities. NQ I've not really checked out but you got me interested :-)
Thanks again, Cory!
Cheers! And happy trading today :-)
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