ES - Emini S&P 500 - Indices

9 jul 2017

With bank earnings coming up this week, the line in the sand to keep an eye on will be the 2400 level. Breaking it will accelerate the selling into the 2385 level and eventually take us to the 2360 if buyers don't show up to enforce a bounce. Many analysts have been announcing a correction since last summer, and the uptrend has just expanded even more. My only take on this is the following: "A market has to break lower in order to continue higher" - Over the past years we have seen many small 2-3% pullbacks in the market, just to take us to the next higher level. Don't be confused or panic when you see this type of moves, we are clearly still in a bull market. Are we in the last innings? Maybe. But with all the geopolitical worries, at home and abroad we still have not experienced any serious selloff in the markets.
My 2 cents are: "Be always aware of what you trade, and take advantage of opportunities in a daily basis"
Keep up with your trading, Cheers!