ES Inverse Head & Shoulders
We have a potential inverse head and shoulders here on ES. It closed just off all time highs and near today's premarket high. In addition we have the upper trendline from its ascending wedge. Lots of resistance around here, but lately all resistances have been getting broken. New ATH today for the S&P. I'm still pretty suspicious because of the VX activity, but if we do get the breakout I'll probably try some longs on a retest. It would be a blue sky setup at that point.
To the downside, we have the lower end of the wedge and the neckline around 5775. If we end up breaking the wedge down I'd just be looking to take profits on shorts as we test previous lows. So far dips have been short lived so it's important to take your money on puts when you get it until we start trending down. Bulls are in full control right now, we'll see if they push us to another ATH this week or not.
To the downside, we have the lower end of the wedge and the neckline around 5775. If we end up breaking the wedge down I'd just be looking to take profits on shorts as we test previous lows. So far dips have been short lived so it's important to take your money on puts when you get it until we start trending down. Bulls are in full control right now, we'll see if they push us to another ATH this week or not.
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advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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