View: $UTIL - Monthly - 3.18.16.png
$UTIL - Monthly - 3.18.16.png
Utilities - monthly chart. This is not investment advice.
Curious if you held that mid 20's ES short? Seems pullback eventually, maybe after mid 40's?
Resistencia es inutil
@007Dad: I made a lot of trades, so I'm not sure which one you are referring. If you are referring to the one from Monday or Tuesday, then yes, I exited it on the morning of the FED meeting at the spike low (not at the low, but close). I then went long to capture a bit of yesterday's move and got out once price got above 2022.75. I then went short ~2023 from yesterday and am holding for the moment. I wasn't expecting yesterday to just continue rising, but it did. I had a 15 point stop, but I moved it out to 2046, because I still think price is likely to fall or at least move sideways here. At this point the trade is loss management because I don't plan on holding into the weekend, so I may exit if we get back to even, which is 2023 for me. I should have known there would be a ton of shorts being squeezed into this gap. So far intraday today I am seeing a good chance of a rounded top here with a left shoulder at the 2040.75 high earlier this morning, and then we might get one final spike into 2040-2045 before falling again to form a right shoulder. Hopefully I don't get stopped out on the formation of the head, but there are so many damn shorts that continue to be squeezed.
I think the potential for a market decline is going to be reliant on the biotechs (IBB) because it is dangerously close to support and needs to hold. At the moment I don't think it will hold and IBB will break below $240, but it could also be a higher low and if the biotechs bottom here and start a major upswing, then don't expect the DOW or the ES or the market to fall at all...ever.
@007Dad: The H&S intraday top here looks promising. The head should be at 2042.75 so we shouldn't break much above that, although marginally so (1-2 points) would be OK. The neckline sits at 2036 so we need to break below that and either form the right shoulder or run lower. If we don't make a top before 12 noon, then a top probably isn't in yet.
@007Dad: Yikes, the biotech sector (IBB) appears to be making a major breakout to the upside. Theoretically that should be bullish for upside speculative momentum in the whole market, but let's remember that while the market has risen 10% the biotech has fallen, so anything can happen, even the biotechs can rise while the markets fall. Who knows?