ES: Bought that Dip
Still holding a small size on ES longs from an avg entry price of around 1854.
Targets and stops as shown. It's probably safe enough to move the stop to either the breakeven point, or below 1870 (S3 pivot daily).
The rationale is basically dip-buying. There's a lot of market chatter about the "death" of dip-buying (beta.finance.yahoo.com/news/era-buy-dip-over-jpm-110000022.html), but that underscores the penchant of financial news sources to blow current market sentiment out of proportion. The truth is clear from the indicators: the S&P was Daily oversold, and a sizeable bounce is in order.
Friday's rally closing comfortably above MA(9) and MACD turning up as I write this, just confirmed it's gonna be a good rally off the lows. I'm holding my longs till a bit over 2000, where some moving averages could pose resistance on the upmove.
Good luck and remember: Markets go up and down, it's all Fugazi at the end (youtube.com/watch?v=UTHlXb0PXh4)
Targets and stops as shown. It's probably safe enough to move the stop to either the breakeven point, or below 1870 (S3 pivot daily).
The rationale is basically dip-buying. There's a lot of market chatter about the "death" of dip-buying (beta.finance.yahoo.com/news/era-buy-dip-over-jpm-110000022.html), but that underscores the penchant of financial news sources to blow current market sentiment out of proportion. The truth is clear from the indicators: the S&P was Daily oversold, and a sizeable bounce is in order.
Friday's rally closing comfortably above MA(9) and MACD turning up as I write this, just confirmed it's gonna be a good rally off the lows. I'm holding my longs till a bit over 2000, where some moving averages could pose resistance on the upmove.
Good luck and remember: Markets go up and down, it's all Fugazi at the end (youtube.com/watch?v=UTHlXb0PXh4)
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