The bears are in control for now. The bulls need to print 3301 to get away from shorting the pops. Plan your trades. Do not short the lows. A short at the 200 EMA or the 50% level of Friday’s might be good locations.
We are entering oversold territory on the daily charts. The last three times we have been at these levels on the stochastics, the market has rallied over 200 handles plus.
We are getting close to that opportunity now. $nymo -62 and falling. This could setup one really good chance for a 100 handle plus move.
I will be looking to start a swing at 3200 with 4 contacts and add 4 every ten handles down. Then starting adding 8 each if we get to 3160.
Daily (1440 minute) ES E-mini futures chart
4 Hour forming a downward channel