Market remains bullish, but is vulnerable. No updates to my swing short position. The trade has signaled a failed entry and I will consider exiting the position on the next pullback, it just depends if/and how the market pulls back. Support below at 1655-1656, 1648-1649, 1638-1642.
The ES met and passed through the 1648 resistance with little effort and hardly a sign of sellers. That means the ES has a high probability to extend the current move up (140+ points so far) since the April 18 lows. Next upside target is 1688-1691 (ES M June contract). If the ES reaches that price target by the end of the month, I will be expecting a significant pullback from there. It is dangerous to bet against such a bullish market, so as always, must be careful on shorts. The path of least resistance continues to be skyward so buying dips remains the trade of choice. I will continue to anticipate a correction as I hold my swing short (1/2 position from 1645 ES) while taking long entries as hedges...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment