This morning’s high (so far) of 7626 up to the 7652 resistance level on /NQ is likely to cap Trump’s desperate attempt to keep the market from any further losses. As such, this provides an objective short entry or add-on here in pre-market with stops somewhat above any or all of the red resistance lines.
NQ 60-min Aug 26th
Likewise, the /ES 2882-2895 resistance zone is likely to cap the what will likely prove to be yet another failed attempt at preventing a correction that is already priced into the charts with yet another strategically timed tweet of false progress on the Sino-American trade wars, resulting in a 2.75% rally in /ES & a 3½% rally in /NQ from the lows last night where they were trading solidly red to a strongly green by early this morning. As such, this provides an objective short entry or add-on here in pre-market with stops somewhat above any or all of the red resistance lines.
ES 60-min Aug 26th
In one of Aesop’s Fables, The Boy Who Cried Wolf, I can recall the that first few times they boy shouted that a wolf was threatening his flock of sheep, all the villagers came running. However, fool me once…