Daniel Urdaneta

1 ES to play this bounce - All or nothing

FX:SPX500   S&P 500 Index
Entered with 1 ES contract today after market close. Initiated at 2600, stop 2571, target 2700. Playing for a 5-day bounce hoping that selling exhasted on the NY session.

Fundamentals: Good macro data all over the place, earnings beats, steady investor inflows, and a nice reset to P/E ratios courtesy of the -10% correction we've just experienced.

Technicals: Daily oversold ( RSI ) and daily lower BB. 200-day MA was tagged and a strong bid (buybacks, allegedly) emerged from there. I'm playing game theory and guessing that the smart money thinks the same and it's holding; just need retail to take a dip and the algos to ignite momo and here we gooo to 2700!

Riskiest trade to date. God help me. Feedback is welcome.
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