So yesterday, we alerted to subscribers that we exited our bullish position when ES was at 2046. Turns out that would’ve been a great place to short.Too bad we didn’t.
At the moment, we are below 2030 sitting on key support in the 2025-2030 region. We dipped towards 2025 briefly and the big question is whether support will hold.
Russell was down big today (-1.8%) while S&P was down -0.66%.
Part of me makes me wonder whether that pink 5 is too short. While it did make a new high, it just happened a bit too quick. That said, the decline from there has formed a 5-wave pattern to the downside, so the main question is whether support will hold overnight. I see some potential weekend risk this Easter weekend.
Since this Friday is Good Friday, expiration for options will actually be tomorrow, not Friday. Markets will reopen on Monday.