I trust everyone is recovered from the President’s Day revelry, festoonery, and jocularities. The futures markets aren’t much different than they were on Sunday. Here we see the /ES’s penny-perfect tag of the major Fibonacci and the subsequent slippery slide.
On a longer-term timescale, using 4-hour bars instead of 5-minute bars, we can see there is ample space between present price levels and major Fibonacci support, located at 3800.
The week ahead has one major “release” each day. I’m fully committed, with no buying power left, to my 20 bearish positions.
