ES at the 4 hour view.
The red line is the historical resistance. It stopped the ES back on June 05-09. It stopped the ES again this week. Had it not held, the next resistance would've been 3330 which was the February gap.
I was getting a little worried there since the resistance was starting to breakdown. However, it held in the end. I am not confident that this resistance will hold for a third time.
VIX and VVIX was giving a warning for the past few days about a pullback. Well, the pullback came.
Keep in mind. With high liquidity levels, supports below may be stronger than traders think. I am not expecting another March 2020 crash at all. Market internals are stronger now than in late February.
Besides, here is a critical thinking question. How many shorts/bears do you think are trapped below? How many of them are waiting to get out of their underwater shorts? That's why I think there may be a bounce from below.
The red line is the historical resistance. It stopped the ES back on June 05-09. It stopped the ES again this week. Had it not held, the next resistance would've been 3330 which was the February gap.
I was getting a little worried there since the resistance was starting to breakdown. However, it held in the end. I am not confident that this resistance will hold for a third time.
VIX and VVIX was giving a warning for the past few days about a pullback. Well, the pullback came.
Keep in mind. With high liquidity levels, supports below may be stronger than traders think. I am not expecting another March 2020 crash at all. Market internals are stronger now than in late February.
Besides, here is a critical thinking question. How many shorts/bears do you think are trapped below? How many of them are waiting to get out of their underwater shorts? That's why I think there may be a bounce from below.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.