Morning Ideas July 1 2019. E-Mini/E-Micro SP500
Market gapped up on G20 news and we finally got to (and past) the 2950 area we were talking about from last week. This is why patience is important because the market doesn't care about your timeframe, but it was easy to get out of the long last week and if you did, you would have missed the move higher.
That said, I only caught a portion of it because I was not holding over the weekend.
This leaves us in a tough spot here because we have gapped up nearly 40 points and it's not wise to buy gaps blindly in this product. We are nearing the 3000 level and while I certainly want to be long here, I don't want to buy wayyy up here. I'd be looking for some kind of pullback towards 2960, at least.
That said, I only caught a portion of it because I was not holding over the weekend.
This leaves us in a tough spot here because we have gapped up nearly 40 points and it's not wise to buy gaps blindly in this product. We are nearing the 3000 level and while I certainly want to be long here, I don't want to buy wayyy up here. I'd be looking for some kind of pullback towards 2960, at least.