Markets were waiting for Fed minute release today. ES was in a small range until the report at 2pm. It tested a new low and pushed up to the upper trend line and near yesterday's high. As most of us thought this was the turning point for the market to turn around the selling began. AS FT said earlier markets often come to revisit the crime sense. ES closed exactly to its after report low. It looks the correction is not over yet. ES is in between its 50 and 100 SMA now and not too far from Fib 50 RT which is at 1629 alone with 100 SMA. This level may provide a temporary support.
I am glad I exit half of my next week's 1610 position and entered one at 1580 to replace it. I need to take my risk off further since today's closing may bring more down side movement. Fed's report has a lot more impact on the market in addition to the technical pattern. It's a bear flag pattern now.
My seed oil and wheat both got stopped out. One was B/E and wheat had a pop and drop which put my reversal order in danger as well. Wheat is still above BBD/M and I will have to stick to my rules. But it's in the lower end of CHVA and the down trend is still intact. Be prepared for two stops in both direction. That's part of trading.
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