Bullish action has played out since my last post and I remain in the bull camp now just as I was when the market was selling off last week. I'm currently flat, but I will be looking for some selling to come in this morning on the heels of the previous three days of positive gains. I will be considering long entries again on dips.
Levels to watch today on the ES (M June 2013 Contract):
Resistance above at: 1577-1578, 1589-1591, 1595-1596
Support below at: 1564-1565, 1556-1559
On a side note, hope nobody got hurt during the mini-flash-crash yesterday. I've never seen price action quite like we saw yesterday (such a large and quick sell-off that returned back to fair value just as quickly). It should be a reminder that although these types of events are rare, occurrences of extreme short-term volatility are on the rise and the short-term leveraged trader needs to be prepared for it.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment