It’s starting to look pretty ugly out there. If you were hoping for a bit of upside relief this morning you will unfortunately be disappointed. The E-Mini futures have been continuing lower overnight as equities seem to be getting ready to observe the most bearish quarter of the year. And I fear this one is going to leave a mark.
What’s more worrying is that we are getting off to an early start this year as late August and early September have the potential to drag equities quite a bit lower.
As you can see August as well as September have worked hard to earn their bearish reputation.
The 2900 mark on the E-Mini was breached overnight and unless we see a snapback in the first two hours I fear that a slide lower could be triggered.
The volume profile panel describes it best. We have sufficient context below 2900 for a snapback to occur, but the price action supports continuation lower. There was an opening gap on Thursday morning and a much larger one this morning.
Formations like these usually don’t just turn on a dime and continue higher. At minimum we are looking at a bit of whipsaw over the coming days.
More market perspectives below the fold for my intrepid subs:
It's not too late - learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Last Week – Time Is Running Out!
My Price Action Masterclass represents a cumulative six months effort to produce a comprehensive tutorial on reading and understanding price action without the use of superfluous indicators.
This extensive series covers everything I have learned in nearly 20 years of interpreting price action for my own discretionary setups. You know, the same ones I have been posting on this very blog almost every single day since late 2008.
Please go and watch the first episode of my Price Action Masterclass which is accessible for FREE as a little appetizer. I am pretty confident it will entice you to go and buy the whole series which I am making available to my core audience here at Evil Speculator at an insane introductory never-to-be-seen-again low price of only $97.
Once Tony and I launch Red Pill Quants it will only be available at the regular retail price of $297. Meaning this is the last week you are getting it for less than 1/3rd of the official price!
So don’t waste any time and buy the entire series right now while it is available at a highly discounted price.