So much for 4220 today, huh. I think we close green, though. Maybe 4195. If the LOD breaks - well, that changes things.
With the initial failue of 4200, I can see some back-filling / retracement going into FOMC from here. Maybe 4150/4130. And then a new plunge or rally come Wednesday. Really uneventful session. Closed pretty much where we opened. Should be no surprise with some consolidation considering last week's monster move, but I had high hopes we'd see a break with continuation above 4200 today.
rough start to the day. Recovered with a few better trades, and Ended up slightly green on ES. But fairly fruitless day here too more medium term we're getting closer and closer to that 4250 area I was looking for a while back. Still expecting it. Shorter term, still want a little pullback which is why most my trades were short today.
I dunno about you, but I'm a big believer of "history repeats itself". What I see is nothing new. It's happened before (and not even that long ago, might I add).
FRC went down without splash, it is the second largest bank failure after Washington Mutual. Something is not right, 40b market cap billion is gone without notice. Anyway, bought 50 cents VIX expiring in mid June. 130 points es up and down is now the range, unless…
Doesn't repeat itself indefinitely, though. At some point we'll break out and leave this range behind for a while. I do think there's good reason to be cautious towards the long side, though, and we are in a prior failure zone. Probably good to generally be cautious in this market...
If you just trade price action alone, then sure, just sell it Look at all the money inflows being parked up in RMMFs!