No Juice

Equities have managed to push higher overnight and the E-Mini is now crossing the bear’s Rubicon, a line I drew at ES 2062 based on the most recent daily spike high. Nothing is ever impossible but unless we see an almost instant drop right here today this play is pretty much lost for the bears. Miracles happen but as of right now it seems they’ve run out of juice.

Every handle higher from here now exponentially supports the bullish case. There is no harm in taking out a few lottery ticket shorts here but be aware that the odds are now vastly stacked against you. The hourly is looking pretty solid as well with the 25-hour SMA carrying price higher.

I’m already long the NQ courtesy of Thor – and I distinctly remember how emotionally difficult taking this trade was on Wednesday. Just to make the point that none of us are ever immune to being biased, it’s a constant battle against one’s inner instincts. However if I wasn’t long already I would take one right here with a stop below the NLSL and the 25-hour SMA – let’s say near NQ 4240.

Otherwise I don’t see anything delectable this morning. The sole exception maybe being copper which doesn’t really offer an entry right now but it’s looking like it may start trending lower here.

The Dollar is on fire this morning and the EUR/USD touched 1.11 overnight, so I better head over to the ATM! The way things are heading I may just have one installed in my trading lair 🙂

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Cheers,