ES_F defying all odds even in the face of enormous p/e and peg valuations. I find it a bit concerning that the market is pricing in pretty much zero expectations of growth loss for the major S&P 500 companies and I fully am watching for a rug pull if fundamentals ever catch-up with reality. Headwinds of decreased productivity from social distancing, decreased globalization, decreased GDP and consumer spending, increased cost, potential increase corporate taxes to fund deficit, will cause ripple effects not seen in the market.
Regardless, as a price action trader all i see is bullishness. Shorts are being squeezed and FOMO is happening. From a price action stand point, we bounced strong from the bullish OB after tapping the .618 range. I previously shorted the bearish breaker and we’ve broken past it and turned it into support. Expect an easy test of recent highs and likely a push past to squeeze out liquidity. I’ll be watching above $3k for any reversal signs and if we start to get to a cycle market top. Keep an eye out on the daily 200MA.
Long for now. Matches the thesis I’ve published regarding NQ also pushing to fill the gap.
Regardless, as a price action trader all i see is bullishness. Shorts are being squeezed and FOMO is happening. From a price action stand point, we bounced strong from the bullish OB after tapping the .618 range. I previously shorted the bearish breaker and we’ve broken past it and turned it into support. Expect an easy test of recent highs and likely a push past to squeeze out liquidity. I’ll be watching above $3k for any reversal signs and if we start to get to a cycle market top. Keep an eye out on the daily 200MA.
Long for now. Matches the thesis I’ve published regarding NQ also pushing to fill the gap.