Pre-open Tuesday 22nd December
From Monday’s eBook “At these levels I would not consider shorts until I see Effective Selling below 1088.50 (which would turn me bearish)”
The ISEE (equity only) Index came in at 231 which is very high (overly bullish) and the VIX is back on its lows so we may see ES turn back down again from the top of the range and fill the gap it left yesterday but I will not try and play for that.
Here’s why:
ES has found support twice at the 1088.50 poc and that kind of price action could be a launching pad out of the top of this trading range to new highs (as per Nasdaq index).
Considering the Sentiment data at the moment an upside breakout like that would probably be a termination move to bring a top of some degree but if the SP500 breaks above the 1/2BearMarket level then a fast move higher would be a strong possibility.
