During the initial COVID tank, ES didn't bounce until the daily went oversold. We're not there yet, and elections coming up Tuesday.
Might as well wait until next week to go heavy on calls. Might take a light stab at GM calls EOD, just for the morning gap. I don;t think we';ve seen teh bottom yet despite indicators being completely oversold on my 3 hr charts.
I kept saying the last couple of days that it was a bear flag like last week. Bear flag target now hit. On top of futures dumping, I'm expecting people to dump their earnings plays like AAPL, AMZN, etc because MSFT went red even after a solid beat. (So did AMKR, but I dumped my calls before earnings) So no calls until EOD.
Didn't think it was going to break...
MFI oversold again but Europe is tanking and selling of futures anyways.
We might get another bounce after Euro markets close like yesterday, but the market will remain weak until the Euros are done tanking. Could have been worse for longs, DAX is down over 1%. I said it yesterday... Euro markets are weak, be careful going long.
ES goes overbought, its gonna sell off again.
In other words, up then down, more whipsaw lol. WHIPSAW!
THe problem is that world markets aren't aligned, FDAX is lose to oversold, ES is close to overbought, between the two they're whipsawing the world market. Also, Asia and Europe have gone indifferent directions almost every day.
Tough market to trade. Don;t...
Algos buying futures this afternoon because they expect a gap up tomorrow. FDAX went oversold on MFI.
Considering MFI is oalmost overbought on ES1!, I'm expecting a pump and dump tomorrow, so gap up and tank.
MFI climbing fast but RSI going nowhere. Indication of a bear flag forming, when MFI hits overbought, we should get another leg down.
Keep in mind that anything can happen with the stimulus, stimulus news trumps everything. $2T is 10% of US GDP. Stimulus is real news.