Bulls Saved Into The Close, But For How Long? April 28th Chart and Plan
For a few weeks, I’ve talked about the importance of the 4200 level in ES. It is support of the perfect rising trendline connecting the February and March lows this year, and in turn, is support of a 10 month “triangle pattern”. Breaking it down would be ugly, and the market clearly agrees “battling” around this level all day
It spent today in total random chop mode. Faking above this level by 20+ points, faking below the level by 20+ points, ultimately just to close right at it after trapping both “bulls” and “bears” multiple times over. For now, this saves bulls from another free fall of the sort of we saw last week and early this week. It gives bulls a chance at more relief bounce, but for how long? Today, I will discuss this, as well discuss how I traded in today’s messy chop market (hint: It’s not easy, for anyone)