Now that we have seen the pivots throughout the last 2 weeks, we have seen a retest of the ATH and the weekly lows. The most ominous part? the VIX, VXX, and UVXY all finishing green alongside ES1! rising. This alongside with Dark Pool selling is showing extreme greed and carelessness of Longs up here. Now price has told us that the trend is up, RSI and BB's can confirm, however with volatility bouncing off support and looks to be preparing for another jump. the 25th and short day of the 27th have mirrored the price action of June 8th and 9th. Moral of the story is to always trust Price Action, but be cautious when everyone is on one side of the boat. Price has been regularly above levels not yet explored before and there is no sense in making up your own resistance levels as many people here have done. Be careful here because the potential 1%-2% profit you could miss may not be worth the 5%-10% loss you could see up here. I will try to update with clearer signs as I see them, but over the long term macro trend I expect the next decade to be one of EXTREME despair not only in this country, but in the world. As always please be smart, set stops, trade safely, and never risk more than you can afford to lose; trading is an emotionless profession and is constantly evolving. Best of Luck, Cheers
Comment:
Some interesting selling has opened up since futures began earlier today which has included multiple bounces off the low end of the zone after an initial touch of the top end of the same zone. in the last hour we have some confirmation of continued selling into tomorrow; breaking the 3618 pivot decisively and setting a lower low here on the hour outlook. I will look for the next target to be 3602 below and 3632 above before any further confirmation. As always, trade safe, smart, and emotionless. Cheers.
Comment:
AH pump has brought a whole new level to futures overnight. The target is still 3750 before I would be full loaded short. As much as the rally has been quick and easy, the target and drop will be just as hard. trade safe and smart, and if youre long up here, be very VERY cautious. 3362 seems to be a bit of a ceiling on the AH price, which im sure will be broken at the open and used to support all the way into 3724 before any consolidation occurs. from there we could see 3750 by midday and likely by Wednesday morning if not sooner. it is there where you will see the sun begin to melt this absurd melt up. for now? trend is up. always trade emotionless regardless of your bias. Cheers.
Comment:
*3662 AH ceiling
Comment:
its come to my attention my line there was vastly underestimated. like I said above the target is still 3748-3750, from there we should see immediate pressure to come down. For now? Trend is up and there is no structural damage done to that at the moment. For all the bears out there be patient, be dont be emotional; each new high melts off stops for previous shorts. Liquidity in this market is still high and the time to short is close but not here yet. Perhaps this week we continue the Euphoria up to 3750, and there we can revisit this. Cheers.