Massive moves today in ES both ways that once again demonstrate the absolute importance of ditching simple labels like “bull” or “bear” and instead just being a level-to-level trader. My “forecast” in yesterdays newsletter was looking for a drop to 4135, squeeze to 4260, then sell and this essentially played out perfectly with some chop this morning first which is to be expected. By losing 4260 yesterday, we lost a major, essentially multi-year support, and squeezes aside, the picture is challenging for bulls until it recaptures. Here’s what I’m looking at now
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