Caveat: This is a speculative view of ES into tomorrow based on two indicators: Price/Risk and Price Momentum.
Price/Risk indicator is signaling a gap up tomorrow. Indicator closed positive, while price closed at lows, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, then we'll have to look to see if Price/Risk reacts to the move, because there has been so much weakening in short/medium term Price Momentum. Also, 2HR - daily timeframe are still bearish. But hourly is showing sings of strengthening. So a gap up may help repair the full spectrum of short-term to hourly timeframes.
I bought ES before the close at 3978. Don't have t target.
Price/Risk indicator is signaling a gap up tomorrow. Indicator closed positive, while price closed at lows, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, then we'll have to look to see if Price/Risk reacts to the move, because there has been so much weakening in short/medium term Price Momentum. Also, 2HR - daily timeframe are still bearish. But hourly is showing sings of strengthening. So a gap up may help repair the full spectrum of short-term to hourly timeframes.
I bought ES before the close at 3978. Don't have t target.
Comment:
I severely miscalculated this overnight pullback, particularly I didn't heed my Price Momentum indicator's weakness on the short term timeframes. Nevertheless, P/R still strong, so i still have my ES. And the overnight drop has restored the PM indicators (1 hour and less) bullishness.
Trade closed manually:
ugh, back to the drawing board