ES at 50% retracement

A big buying in VIX out of the money this means a big pull back in SPX. Watch the video. Also market is dropping here but we need new lows to confirm this down move. If no new lows expect a bounce either later today or tomorrow.





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Good morning,

Futures are down today morning due to 3M report. ES currently trading at 1093 and so far its bouncing off from 1092 which is a 50% retrecement of the up move from the previous lows to recent highs.

If ES finds support at 1092 today it's likely to melt up to new highs around 1130-1128 range. I suggest you take some of your shorts off the table at open and let the rest run to see if we break the 1087 on ES.

I still expect it could break the 1087 levels but it's better to book some profit and hold your other half that way the trade becomes free-ride for you.


Stay tuned for intra-day market updates.