Today the ES closed near its low rather than near its high. In the morning it made a marginally new year high while the NQ took off to new all time highs. They both sold off with the NQ being much stronger of the 2 during the day. The IWM broke the 156.5 area and closed below. Under the hood the XLF closed at a new year high with the major banks on fire ( JPM,MS,C,GS, BAC) . The SMH and XLK also stayed firm with the ES selling. It was the XLV and IBB which were getting decimated down over 3% each. While we are still in a major uptrend I expect more probing on both the upside and downside of the market. So reversion techniques should be good as I expect some back and forth trading BUT I will need to see what the market is showing before I act.
stephenbalsam 1 Minute
Published by stephenbalsam
I have been trading electronic emini futures since they started . I have trained 100s in the method I use. This blog is just informational purposes and TRADE at your OWN risk! View all posts by stephenbalsam