I am having Internet connection trouble since the morning so I will probably not be posting much more today.
It should bounce here, but I suspect this may go down to the 900 area today once a couple more hurdles are cleared.
JI
jimkane
Rep: 3,058
Posts: 33,089
The bottom line for me was the plays were in the AM, that 4PT, the pullback after that, and the ABCD at 10:53-54, and that was it. It's typical after such a big drop once it hits about 11:00 Eastern or so to just range trade. Great for scalpers, but I'm usually done at that point. Today followed the pattern to a T. Unless the LOD is a primo higher timeframe setup, I'm usually done after that first hour and a half. If they explode it up I can look for a setup, in the unlikely event that they give one, but the risk is usually too high for me, based on the unlikelihood of good enough follow through. And as I frequently say, I don't try to guess my way out of a range.
MR
mreiserer
Rep: 110
Posts: 2,220
well, one thing's for sure the markets got rattled a bit today. Maybe a sign of things to come, but they may try to drag it out as long as they can maybe to the fall
JI
jimkane
Rep: 3,058
Posts: 33,089
Yep. Just as I suspected. But the buyers are still there, defending this level very vigorously. We need a nice test of that range from below, preferably with an ABCD.
