R/R isn't there to go long unless there is a clear break of the ascending channel.
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ES pulled back as expected but did not reach the bottom of the channel, instead we are retesting the top of the smaller channel. I would be cautiously short since the break of the larger channel but we will have to see if it holds above the solid yellow line.
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Still grinding up against the top of the smaller ascending channel. Individuals need to be cautious here as indexes test ATH's and start hitting pivot points.
Still grinding up against the top of the smaller ascending channel. Individuals need to be cautious here as indexes test ATH's and start hitting pivot points.
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Higher Timeframe:
Touching this upper trendline (dotted)
Higher Timeframe:
Touching this upper trendline (dotted)
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Shorter Timeframe:
Rejecting off this trendline (solid)
I am hedging my long positions with weekly puts on QQQ and SPY.
Shorter Timeframe:
Rejecting off this trendline (solid)
I am hedging my long positions with weekly puts on QQQ and SPY.