This morning we got a pop to new all-time highs in the S&P and pulled back to support. This is not an easy part of the pattern to trade and this extension is also not all that reliable.
2185/2186 ES served as resistance and we went above. Now the 2185/2186 region serves as support. If it does not hold, then some other pattern may be playing out. I think 2183 is possible overnight as another area of support.
As for silver, I will eventually have to take that out of the model portfolio since it’s more a long-term trade, rather than the trade of the week.
Right now the pattern is in no-man’s pattern. I did not expect silver to spend this much time below 19. I thought there would be a spike and reversal at 18.9 — but clearly that has not happened. There should be a little more downside – likely overnight, but expecting a reversal sometime in the next week.
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