We have switched to S&P e-mini June Contract (ESM)
So much for the anticipated low volatility rollover into June contract…Da Bears finally made the Bulls “cough-up” its latest meal driving prices deep into last month’s value zone and Point of Control (POC). This traps every new buyer at higher levels since the beginning of the month.
There have been plenty of “early warning” signs of a short-term top forming over the past two weeks, and traders have been trained to buy every pullback…”Beware the Ides of March”.
Overnight action is relatively quiet with price trading near lows…Upper price structure is now broken and momentum has shifted to favor selling retracement bounces. As traders, we are flexible to engage both sides, long and short intra-day…looking for extreme edges from which to capitalize from the uninformed trader.
Today Levels and Trade Strategy: Overnight High 1844 marks initial resistance with layered levels 1848…1852…1854. IF downside momentum continues below 1834.50, THEN lower targets include 1831.25 – 1827.25 STATX Zone down through 1824- 26 zone.
Tides (price action) can turn quickly in a highly charged emotional market as is the current case, so trade strategy today is simply remain flexible to two-sided trade within the context of highlighted levels.
Remain Focused and ALWAYS USE STOPS!
I am courageous and I always act, even in the face of uncertainty and possible loss. Do not say, no fear. Feel the fear and act anyway. I may be frightened, but I still saddle up. I am not reckless. I act promptly in accordance with my methodology. I respect my calculations. I have a healthy respect and I balance that respect with my courage. I am an explorer. I am on a hero’s journey.