SPX approaching resistance. Will there be a pullback?
Just like other index futures, S&P E-mini has been overextended on monthly chart for sometime. Key resistance level as marked on the chart is approaching. Don't know if it's top. Any resistance can become support. So observe price action and manage risk.
Potential retracement/pullback/correction from current high and how much #ES_F will be back in price and time, a perspective:
3% - 4233 - June 24 - 15 days
5% - 4146 - June 21st - 18 days
10% - 3928 - Mar 29 - 102 days
15% - 3709 - Feb 1st - 158 days
20% - 3491 - Nov 6 - 245 days
Know your support levels and have exit plan in place. Trade with right position sizing. Lately, flash crashes are being bought quickly. I think this time correction may start with market turning over slowly. Small red days initially. I might be wrong. Support and resistance levels as marked on the chart.
Potential retracement/pullback/correction from current high and how much #ES_F will be back in price and time, a perspective:
3% - 4233 - June 24 - 15 days
5% - 4146 - June 21st - 18 days
10% - 3928 - Mar 29 - 102 days
15% - 3709 - Feb 1st - 158 days
20% - 3491 - Nov 6 - 245 days
Know your support levels and have exit plan in place. Trade with right position sizing. Lately, flash crashes are being bought quickly. I think this time correction may start with market turning over slowly. Small red days initially. I might be wrong. Support and resistance levels as marked on the chart.
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