It has been a pattern of sell on new highs for ES this year. ES got sold off on new highs in Jan, March and April. We had a 22 point range sell off today from yesterday's low. It's the day 2 of selling and closed above 50SMA. ES is back to HVA and inside of prior balance area. There are some damages done to the chart. If the pattern holds true this time then there are more down side to come. I had 3 filled orders for ES today. I left some room for add on if the the sell off continues. I have learn to look at days of the movement not just hourly chart.
I got a big relief from NG after its inventory report. It had a 3% jump although the inventory level is higher than expected. I simply don't know enough this market and need to learn more about it. It may still come down to retest 4.30 low and filling in the lower part (4.30-4.50 of the HVA. CL is holding its up trend well. I will try bull put when there is a pull back.
Grains turned bearish today. I am surprised that wheat lost another 12 pts. All of my bull puts are somewhat under water now. Wheat is sitting at Fib 78RT and below 50 SMA.
I entered my first Iron Condo of 2nd leg in RUT today. RUT touched a new low and bounced back inside of yesterday. Let's see if it will come back down again or that rejection is a sign of bottom. The down trend is still in place.
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