I wrote on 13th Feb ‘As I have noted many times, a quick rush back to the major Control is what happens when the market is spooked by an event/news/uncertainty and there’s a urgent need for balance‘. ES did this again on Monday with a sharp decline from the RTH-open back to the major at 6853.
read this post on Substack
It’s frustrating but it will probably take a macro catalyst to drive ES out of the low-conviction zone between 6956 and 6853. I also wrote 02/13 ‘In the longer timeframe there’s no need for panic but ES must hold the major’.
