With the rebound after Friday's sell-off, it will be curious not to retest the highs of 1127.50 (ES). Which is no big surprise given the fact we never entered my 1128-1130 target resistance. It will be interesting to see how we trade this morning... I am still looking for short entries. We'll see where we find the next excess of supply. I still like the 1130 level and above that around 1136-1137, then 1143 with an upper thresh-hold of 1150. Those mark my key resistance levels. If we are indeed forming a market top here, there should be downs and ups in the form of fake-outs making it difficult to get that final short entry that will pay the biggest dividend. We won't see the final down move until the last of the weakest short hand gets burned and is duped into covering or flipping to the long side... Should be fun to play...
As I take short entries going forward, I will be taking profits when I get them, I'm not looking for the big free fall down yet. I will update my thoughts on the market as the action unfolds...
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