Volatility is Back with a Bounce this Morning May 18
Thu, May 18, 1:51 PM ET, by Corey Rosenbloom
Today we’re seeing a logical bounce off a key Fibonacci Target in the @ES – and a swing down right now.
Here’s today’s updated Emini (@ES) trading levels for your trades:
We were ready for the pullback in the membership, as we were picking up on hidden bearish signals. Here’s a quote:
If buyers are getting ready for a breakout, they’re not going a stellar job of doing so because price isn’t behaving impulsively and bearish divergences still persist.
Evidence begins to shift to the bearish side (favoring another pullback).
However, the bearish case was boosted today with the big surge in bearish volume (red bar) and the persistent relative weakness in market internals.
Price fell all the way to the 61.8% Fibonacci Retracement Target at the 2,355 level – which is fascinating considering how fast/far price fell.
Nevertheless, up we go back to the next target at the 2,365 level and we’ll focus on these levels for the rest of the day and beyond.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Retracement" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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