Good morning, friends. What are your thoughts on the market today after Chairman Powell speaks? I hope you all have a great day trading.
down not sure how big players will react, but i have 3 price levels that are of interest to me 3006.75 , 2097.50 , -2087.00
Since overnight could not even take out yesterdays highs, formed small stairstep down, and since it was small differences in steps forms tighter clustering of resistance on five minute, so most would see it morning doing retracement down. Using 60 minutes can see support based on trendline for possible reversals. This formation is like deep sea fishing, give a little line to tire out the fish(Price) then reel in the profits, often times ES makes highs and then current highs will break these previous highs enough to take out protective stops and go back down. Just like @Laissez Faire nice chart of failures, it makes more reasoning to fade the small breaks and even better if on less volume to show large traders already in short.
only good thing about today was one buy order that slipped past me @99.25 and was a welcome relief when logged on to see it net 4+ points, also was able to find the range early on and traded the top and bottom of the range. right now no biases but an opinion that we are slowly treading towards 12.00