Trade Inflection Trading from the trenches Pre Open 3rd of March
HI All
Well this will be relatively short. Still no clear sign of what this market wishes to do. We are still in the range of 4395/4260 with no follow through on either side.
Yesterday I gave you two levels for the breakout 4339 and 4290. Long story short is that Powell did what he did best and talked the market up with comments of only a 25bps rate hike in the March Fed meeting. The market was testing 4319 at the time ( the 50back of 290/340) and boom away she went.
For today I will trust my 3200 Tick chart as I do every day.
The arrow yesterday was back test of 42 and off she goes. The lower trend line of the flag currently comes in at 4368 - If we break 395/398 and hold today will be looking for 414 440/450
So for today these are our breakouts 4395/4367 So maintain positive bias above 395 and negative below 367.
As a reminder here is the big level tree. Todays levels will be the following.
Bull bear Line 4385
above 400 414 414 430 450
below 4367 4352 42 330 21 07
Yesterdays trades in the room
Long 32 half + 14 1/4 +24 &1/4 +55 = 27
Long 75 stopped 71 -4
Short 90 out +5
Total ES +28 on the day and so on the week +63 ES and + 88 NQ
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Cheers TI