Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Interesting action today! Not sure what to make of it, there is a case for the bulls and a case for the bears. I am thinking that as a swing trader, one can try to short the market with a stop slightly above the recent highs ( recent high was around 1100 ). Taking the approach that while chances of getting stopped out are higher than normal, the relative risk is smaller than the relative potential reward. On the other hand, bulls may get more confidence going long if market breaks above 1103 or so..
Daily chart for review below.
This Week’s Calendar from Econoday.Com
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