$ES - $SPX futures - Good morning all! I told my members today that I'm expecting a retest of the 3225-3250 area before heading downwards on the SP500 (price is currently reacting off of the 3rd touch of a short term trend line). IF we don't get a retest and head downward first, I expect an aggressive move at 3030 as that is the breakout level for this last run upwards. I believe buyers will defend that level for a while. Do not let it fool you into buying stocks right away. China is trying to send people back to work while the COVID19 virus is NOT yet contained. This is still a very real threat to economic results for the next two reporting quarters. I will use the bounce coming up to scale out of the remaining stocks that I own and buy protection in inverse etfs for the next wave down. Stay safe and trade smart, sometimes it's better to sit on your hands rather than take any action. Let me know if you have any questions.
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If you found this to be insightful or helpful, please show appreciation by hitting the like button. If you want more ideas I invite you to follow as well! I try to be here for all of my followers with any questions they might have. Feel free to shoot me a DM or comment below to start a conversation!
