Can ES Manage Two Green Weeks In A Row? June 28th Plan
In yesterdays newsletter, I wrote: “The trickiest trading is always after a breakout move like we had Friday”. Markets exist to trap the largest quantity of traders, and no better way to do that then put in a consolidation day after a big trend day like Friday. This traps the longs chasing, the shorts looking for the big top, and everyone in between by killing premiums.
Ultimately today was just a consolidation day, and as most know this will result in another sizable move. ES put in a massive 6.5% green reversal week last week, completely erasing the most bearish week in two years before that. Certainly short-term evidence of capitulation, but bulls will now need to do what they failed to do repetitively this year which is follow through (May also a 6%+ green week that failed)
In todays newsletter, I’ll be talking the big picture view, as well as discussing the few actionable trade setups today & trading these tricky chop days