This is our line in the sand ladies and gentleman.
The region of 1921, 1921.50 or so on the September e-mini S&P 500 Index Futures.
If we have experience a one hour close below 1921? I will look first to momentum, and if she is giving me the all-clear? I will run for the hills and abandon my bullish bent, as if it never existed. I will turn traitor on the bulls on a dime, and decry their foolishness for believing in this rally at all.
I am no perma-bull.
I am no perma-bear.
I am a trader. Thus, I follow price. And at the moment? The price to watch is 1921 …