The S&P jumped from 2358 yesterday to over 2400 ES before pulling back to 2393ES.
In the previous post, I mentioned
I would like to see the 2342 region tested before we breakout towards 2400.
The market could only get to 2350 – shy of the 2342 that I wanted.
Overnight the market rallied into the Trump speech and then pulled back. However, from there, it just rocketed up through the open and through most of the day until it hit 2400.
This market has been much more bullish than I expected. I initially put in a bearish call position hoping the market would come towards the lower 2340 ES region and so I could reverse and buy – but that never came. I was able to exit and short the elevated volatility going into the Trump announcement. While profitable so far, I would have been better off with the index.
At the close on Feb 28, I was eyeing the Russell for a buy – but given the continued drop into the close as well as afterwards, I hesitated for sending out an alert. I entered some for myself but didn’t have the confidence to send the alert – thinking I would be able to get in in the morning at the open. By then, the market had rocketed up already – but of course, the market even continued further.
From a bigger term perspective, the Russell has been coming out of a very long consolidation and may have the chance to resume more upward momentum.
Sign up to become a member to access to premium videos and you will get the insights you need to make more educated trade decisions. And yes, you’ll get to join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|