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Why did the market bounce where it did? Why, the green line, of course. Eventually, one of the green lines holds. The trick is to guess which one.
And of course, we must contend with the red lines on the way back up. And there are two directly overhead here at 4:45 AM NY Time.
These are at 4665 and 4670 on the ES, S&P 500 fugutures. And there’s an old busted greeen line or two above that at 4675 that would need to be cleared to sustain a bigger rally. So we’ll wait and see on that. If any of these resistance levels hold, then a lower low might be in the cards later today.
Of course, we always assume the worst in this market. I.e. it’s going up.
This is just for intrepid day traders.
For more on the big picture and elsewhere: