Here we can see that the S&P 500 e-mini futures contract (ES) is trading in a multi-day trading range, consolidating the gains from early in the month. If we can hold the overnight lows around 934, we should make another stab at the high end of the range. I will need to see good sector participation in any such move, however, to go for any breakout. With fewer than 1000 stocks making new 20-day highs yesterday and a bump up to over 270 new lows, I'm concerned that the rally may be narrowing its base of participation.
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3 comments:
Sir are u suggesting to go short?.Thanks for pre update and we are looking forward to ur updates.
I realize personal attacks should be limited but I could not resist...chandu....have you learned nothing from this site? how about coming up with your own trading ideas rather than waiting for someone to spoon feed you. Even if you did get a recommendation to short aren't things like which asset class and market to trade, entry and exit, position sizing and personal risk management more important than asking for trading suggestions?
Hi Chandu,
No, I don't recommend positions, because I don't know traders' holding periods. I can be short for a 20 minute trade but long for an investment.
Brett
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