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ES had its day range below 20 for 2 days in a row now. VIX dropped to 20.53. NYMO is 51, somewhat overbought level, but not very much so. It seems market has calmed down quite a bit. Bulls have the upper hands at this momentum. But there are a lot of resistances for bulls to climb over. It won't be easy and smooth going forward. Crude and USD/JPY seem to stabilized for now. Still need to keep an eye on them.
ES Monday trading:
· Bias neutral to bullish.
· Better to consider long on controlled pull back than chasing the price higher. But need to control the risk, just in case the pull back is deeper than expected.
· Possible long against 1904, or 1892 with stops.
· If below 1892, will re-evaluate whether to trade on the long side. |
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