UPDATE: New 52-Week Lows on Tap?
As they say... these are not our father's markets or charts.
Last night I sent Bret the Opening Print, at the time the ES was up 10 points and rallied all the way up to 3727.25 earlier this morning. When the ES opened, I got long and rode an ES long for over 20 points and when the ES reversed, I was patient and tried to buy the dip.
The mistake here is despite the ES being oversold, it's in a major bear market — which means not forgetting what 99% of all the pops are: A DEAD CAT.
Here’s your reminder at my expense: The trend is your friend.
As for the technicals, this morning’s Opening Print take on the S&P was on point:
My concern is: Gapping-up in a bear tape and just to get to the daily-up spot, the ES has to climb 1.6%. That’s a big move.
About the worst thing bulls could see happen, would be a higher open like this, a tag of the highs and a flush to take out the two-day low around 3660.