The market was all over the placed today, and I noticed on my ES chart a horizontal line that seemed to have significance. I was so occupied today I didn’t bother trying to figure what it was while the market was open, but it bounced off it (green tint), fell hard once it slipped beneath it (cyan tint) and then went zipping back up to it right up to the close (magenta tint).
After the market closed, I looked at a longer-term picture and – wouldn’t you know it! – it was the Fibonacci retracements anchored between the lifetime high and the December 26 low! Pretty interesting!
I had a good day on Thursday – relatively speaking, the best day of 2019 – but it’s going to take a lot more than one little dip to really get things breaking down again. I’m positioned more heavily than I was yet still remain skeptical and cautious.