Bulls Will Need a July 1st Rally: July 1st Trade Plan
Today was a perfect example of what reactive, level to level trading is. ES sold off overnight from 3800 and when regular trading hours started, bottomed at 3740, squeezed 80 points, sold off 50 points into the close, the ended the day at around the same spot we were when markets opened at 3770. Tons of movement to go nowhere. Nobody on earth would “predict” that incredibly volatile trajectory in advance. On a day like today, you need to know the levels, the core setups, and react in real time.
Fortunately, the levels reacted well today, but unfortunately for bulls, they were unable to hold the core 3795-3800 level. As most recall, this is the level that launched us into a 4%+ rally last Friday, and for bulls to continue higher, needed to hold. This puts the bulls in a very dangerous position heading into tomorrow.
In todays newsletter, I’m going to talk how I traded today’s volatile whipsaw (the good, the bad, and the ugly), and will discuss a new chart pattern forming that may determine next big move. Important day coming.