The late March rally saw an incredible 12 days in a row where ES set higher highs. We are now retracing it, with today being the 10th day of correction. While we have had some green days (2), they were one offs with no follow through.
We have officially retraced 50% of the March selloff and typically, according to classic technical analysis, if a retracement is going to end and start a new leg higher (or, at least) a few green days, it will probably occur somewhere between the 50% and 61.% retrace, and we are in this zone now.
While today some some huge moves up and down, we are essentially right where we started (around 4402 after hours), meaning lots of motion but nothing “happened” technically. In tonights newsletter, I’m going to talk a little about how I traded todays wild (and very unsurprising) CPI day, and then I will talk about the setup heading into the long weekend (seasonally, its bullish), plus some very significant risks for bulls