R/R isn't there to go long unless there is a clear break of the ascending channel.
Note
ES pulled back as expected but did not reach the bottom of the channel, instead we are retesting the top of the smaller channel. I would be cautiously short since the break of the larger channel but we will have to see if it holds above the solid yellow line.Note
Still grinding up against the top of the smaller ascending channel. Individuals need to be cautious here as indexes test ATH's and start hitting pivot points.
Note
Higher Timeframe:
Touching this upper trendline (dotted)
Note
Shorter Timeframe:
Rejecting off this trendline (solid)
I am hedging my long positions with weekly puts on QQQ and SPY.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.