ESM1 chart with 8,15,20 sma and fib retracements. (click to enlarge)
As I am writing this blog the Spooz are trading at 1321.75. What to expect for the trading day for tomorrow look for the spooz to test 1314.25(78.6 fib retracement from the move on 4/19-5/2) and on the upside there resistance at 1338.50(both the 8 SMA and 20SMA). So how do you trade this market? Look to trade at both levels of support and resistance. Any long ideas start to get long around 1314.25 and on the short side look to be short around 1338.50. Right now the market is allowing us to make money on both sides. So why not play the extremes? We have seen a decline the past two trading days. And today was just a continuation of Friday’s move. …
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