Did the Ice crack?

12 août 2020

In my last post I had warranted caution with the caveat that it is possible for ES to still head higher, and it did! From my perspective, the price action has been exceedingly heavy and it seems like the proverbial "hand of god" has been guiding the market. Even today, till it broke any take down attempt[pt was thwarted. Anyhow, what do the tea leaves suggest. For now, I would be watching the 54 area (previous area of trouble) and then the 65 area (again previous area of trouble). Inability to get above and then close above these areas would likely imply further downside. I have u=in the past mentioned the 3227-30 area as an area that was traded a lot, and where we had quite a bit of difficulty getting through. IF you do follow Volume profile then a quick composite will show that the POC from July 15, in spite of the move up is still around the 3227 area. So, if I were to get an opportunity to ride down thats where I feel it might end up (at least for now . OF course, there will be back and forth bounces as we touch some key areas on the way down. GL all.