ES reached a new low o/n and bounced off of daily trend line. It tried to test yesterday's low after open. Buyers stepped in and pushed it up for 13 points. It never had any meaningful pb until it reached yesterday's high and closed at o/n high. I kept shorting it at several levels but lost 150 in SIM.
I followed my plan and exited out my 1625 puts with a small profit. I don't think the down turn is over yet. ES is closed at 50 sma and Fib 38.2% after today's relief rally. A Fib 50% retrace from June's low is at 1631 and 61.8% is at 1613. Market may push up a little more then push back to the two key Fib levels. A extreme level of Fib 78.4 is at 1590ish. I anticipate this down turn may last into September or October.
Grains start falling today. Corn and Seed oil both touched their upper trend line yesterday. Corn didn't hit my exit target and I am under water again. I need to re access my plan if corn breaks yesterday's low.
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