Market's bottom finally cracked this morning. Yesterday's closing below 50SMA was an indication. It was slowly and methodically pushing down all day. I thought the Fib 62 RT of 1660 or 23 Extension at 1653 from top could provide some supports. They were cut through like butter. It was finally held at the lower daily down trend line. It doesn't look like the capitulation has happened yet. Tomorrow, the down side could be Fib 78 RT at 1640ish and Fib ET 50% from top at 1637ish. On the up side, it may push to 1665 or 1669 at lower end of last CHVA.
By and large I executed my plan well with some small flaws. I had one entry for each week only varied prices and levels slightly. My expectation was a 15-17 point move but it actually was 21 point. The entry of 1605 for this week was too early at $155. It reached $220 later in the day. I added one at $210.
An announcement of Yellen will be the next Fed Chef this evening made ES rallying from 1646 to 1657. Let's see what may bring tomorrow. Be prepared for both ways. I should only scalp for this week and watch my risk, especially the 1615 position. Ready to take stop and ladder up for a new position if a big drop follow through.
No comments:
Post a Comment