That being said, I believe there is potential support here around 1237 on the ES. I like Longs from here. I would like to see a rally back up to 1255-1260 before the end of the week on the ES. From that point I will like short entries and will anticipate a move down to the lower 1220s.
If the ES hasn't yet bottomed here at 1237 (today), I like support to hold at 1232-1233 and like longs again from there. If 1232 doesn't hold, then the selling will continue. If you are not already short by that point, then the best bet is to wait for the next best long opportunity around 1217-1223 ES.
NOTE: I am referring to price on the December Contract ESZ
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Another wacky and volatile end of the day session. Market rallies on rumors out of Europe and market sells even harder on more rumors out of Europe.
ReplyDeleteThe below text taken from -Briefing.com:
3:38 pm EST TOPNX: Pop in market coincides with leak of headlines ahead of tomorrow's EU summit... The biggest of these headlines seems to be that the ESM bail-out to be given banking license, and that it can directly recapitalize banks. The Dow has rebounded about 70 pts in the past 30 minutes, now -98 on the day; SPX is -15, Nasdaq Comp is -27.
3:42 pm EST TOPNX: Now market is pulling back from bounce highs on headlines that a German official has rejected the draft proposal, particularly the ESM banking license Dow -143, SPX -21, Nasdaq Comp -37.
Frustrating day. I was long from 1237.50. My target was 1246.50. My target was hit, but I didn't get filled. I'm flat now. Will wait and see what the market does from here. If ES can confirm back above 1238-1239, I will like longs again. Was a very weak close so I don't want to hold a position to the long side here. We'll see...
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