What a day - Rejection off of medium term trend line on hourly
Even though today's volume was below average it didn't feel like it. I haven't taken a whipsaw to the face like that in a minute. We failed to break through the medium term trend line and the last two hours finally got rejected off of it. In my last post i was expecting a retest of the neckline from the H&S but we ended up gapping over it only to be pushed off the trend line from Dec '18. The last two hourly candles are clearly reversal signals.
I started the day short but stopped out at 2950.50 on ES, reentered at the rejection, only to be whipsawed by some fake news about the Chinese Commerce Ministry before i could even get my stops set. Caught the top of that candle and rode it all the way down till just now. Not holding any position overnight, the chop is real.
I'm expecting us to come back and visit the $288 level on SPY and the $2900 level on ES. But i also foresee many more whipsaws in our future with what seems like the increasingly volatile news cycle both globally and domestically.
Goodluck.
I started the day short but stopped out at 2950.50 on ES, reentered at the rejection, only to be whipsawed by some fake news about the Chinese Commerce Ministry before i could even get my stops set. Caught the top of that candle and rode it all the way down till just now. Not holding any position overnight, the chop is real.
I'm expecting us to come back and visit the $288 level on SPY and the $2900 level on ES. But i also foresee many more whipsaws in our future with what seems like the increasingly volatile news cycle both globally and domestically.
Goodluck.
