ES at the daily view.
Day 4 since Trading View deleted my trend lines and refuse to restore or own up to it. Trading View's customer service will not help you at all. So, make sure you save a backup copy of your layouts. Because Trading View's customer service is as useless as a permabear/permabull's opinion. I am now in the process of restoring over 60 charts by hand and my sheer memory.
The ES is going to get a bit interesting. We have...
1. Quadruple witching week.
2. FOMC meeting on Dec 15-16.
3. ES making room for TSLA.
4. ES, NQ, and RTY all at a weekly resistance.
On top of that, the ES has several supports below that are close by. Thanks to most of November, most of the daily moving averages had a chance to catch up. Basically, the ES is not as overextended now as it was in June and September. It's still overextended, but not as badly. With liquidity not rising anymore, should head to sideways to down for a time. Will this mean a March style crash? No, not really. The bigger picture is that the ES' trend is slightly up. That's actually the more rational viewpoint. Pullbacks are natural in an overall uptrend.
I know there are permabears on Twitter and YouTube who write clickbait... since bearish views tend to be more clickbaity. I would be careful listening to them since they tend to have an awful track record. Why do I say that? Let's look at the bigger picture. The market internals are not as bad as they were in February. Furthermore, market breadth is increasing which means the overall rallies will not disappear all of a sudden. There is no great need for cash right now. I do not see any Black Swan event that would cause mass uncertainty. A/D lines are in an overall uptrend. Furthermore, the stock market was disconnected from the real economy since 2011... possibly longer. That said, the VIX is ramping up and the VVIX is above all daily moving averages.
What does this mean? It means I'll be taking Bruce Lee's advice and "be water." A permabias leads to perma-losses.
Day 4 since Trading View deleted my trend lines and refuse to restore or own up to it. Trading View's customer service will not help you at all. So, make sure you save a backup copy of your layouts. Because Trading View's customer service is as useless as a permabear/permabull's opinion. I am now in the process of restoring over 60 charts by hand and my sheer memory.
The ES is going to get a bit interesting. We have...
1. Quadruple witching week.
2. FOMC meeting on Dec 15-16.
3. ES making room for TSLA.
4. ES, NQ, and RTY all at a weekly resistance.
On top of that, the ES has several supports below that are close by. Thanks to most of November, most of the daily moving averages had a chance to catch up. Basically, the ES is not as overextended now as it was in June and September. It's still overextended, but not as badly. With liquidity not rising anymore, should head to sideways to down for a time. Will this mean a March style crash? No, not really. The bigger picture is that the ES' trend is slightly up. That's actually the more rational viewpoint. Pullbacks are natural in an overall uptrend.
I know there are permabears on Twitter and YouTube who write clickbait... since bearish views tend to be more clickbaity. I would be careful listening to them since they tend to have an awful track record. Why do I say that? Let's look at the bigger picture. The market internals are not as bad as they were in February. Furthermore, market breadth is increasing which means the overall rallies will not disappear all of a sudden. There is no great need for cash right now. I do not see any Black Swan event that would cause mass uncertainty. A/D lines are in an overall uptrend. Furthermore, the stock market was disconnected from the real economy since 2011... possibly longer. That said, the VIX is ramping up and the VVIX is above all daily moving averages.
What does this mean? It means I'll be taking Bruce Lee's advice and "be water." A permabias leads to perma-losses.