ES1 Update of Update

Was in a hurry this morning, so I didn't get a chance to update the arrows.

Looks to me like we're getting a back test of the last channel before heading lower. Market went up because MFI went oversold, the pump and dump logic dictates that they buy futures now, pump overnight for a day or two then sell off later this week.

Not gonna chase the market at this point, covered my paper losses on MCHI puts by flipping TSLA calls (what a joke, lol).

We'll see how the day plays out, I'm kinda guessing we get a headfake doji tomorrow, a rally on Wed, and it dumps on Thu or Friday again.

In other words, more whipsaw.

Comment:

It already completed the back test and rolled over. Not really sure where this is going, so I'm almost all cash.

Comment:

Market action is very bearish like it wants to go oversold again....

Not really sure which way this is going from here....

Comment:

Rather extreme low volume pump on zero money flow by the Asians on their dead cat bounce.... not sure what to make of it because RSI is scrolling up while MFI is still close to oversold. During a melt up this would call for a huge rally, but the virus thing is getting worse not better....

Might just sit back and watch as I suspect more whipsaw...

Comment:

I guess the coronavirus isn;t a problem anymore, lol. Now past my target and backtested the previous channel. If it doesn;t go down in the morning I guess we're melting up again.

Appears to be a massive short squeeze in futures trading, that's all I can attribute this to.