Traders Alert ! May 31,2024
Updated
Traders Alert !
If the Front Month S+P 500 Futures Contract June 2024 (ESM24),
closes below 5216.75, then a potential waterfall decline could occur.
Traders are advised to closely monitor the market this afternoon near the close,
as Month- End Position Squaring, especially those on the wrong side of this market,
as well as the two day weekend,could heighten market volatility dramatically
during the first week of June.
THE_UNWIND
Woods Of Connecticut
If the Front Month S+P 500 Futures Contract June 2024 (ESM24),
closes below 5216.75, then a potential waterfall decline could occur.
Traders are advised to closely monitor the market this afternoon near the close,
as Month- End Position Squaring, especially those on the wrong side of this market,
as well as the two day weekend,could heighten market volatility dramatically
during the first week of June.
THE_UNWIND
Woods Of Connecticut
Note
The end of day sharp rally in the last hour of tradingoff ES Support at 5216.75, obviously now quantifies as an important
"bullish reversal", and a potential cup and handle pattern brewing to the upside
off of today's ES Low of 5205.50.
10 handles of support were broken at the low,
STOPS Liquidating,as ES support was broken.
But in the end, buying the dip today paid off handsomely in the last hour,
for the bulls, and it was the shorts running for cover at the close.
Trading is a very risky business.
Yet it shows you how important that ES support was. Live and learn.
And try to survive ..
Have a good weekend.
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