“Frustrating” is a word that doesn’t do this market justice. Who’s happy with this action? Day traders! That’s who! The intraday patterns have been remarkably orderly.
For the rest of us, not so much. For we who are looking for swing trades of a couple weeks, well… We keep getting nicked with Montypythonian flesh wounds.
Honestly, I’d love to short this mother to hell and just walk away for a few months, but I look at all this money being pumped into it, the Fed with QE, and the Treasury with T-bill paydowns (recently at a pace of $40 billion/week), and I just can’t do it. It would be malpractice.
So, what’s the bottom line for today?
If they hold the ES above 4084 this morning, bullish. Below 4077, probably bearish. In between, WTF knows.
The cycle projections may know. The current 2-3 day cycle projection is 4125. The 30 minute bars look pretty bullish here at 7:00 AM ET USA.
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