That Was The Bounce

Posted on Jul 29 2015 - 8:28am by Sharpe Trade

Yesterday, we had stated that the …

“First area of resistance I will be observing in equities is 2090 on the September e-mini …”

We reached that 2090 level on the September e-mini S&P 500 futures contract last night.  We’re up a couple of points, but we are pretty much flat in overnight trading.  We’ve just been ‘hanging out’ on that ‘rim’ of the 2090 region.

Now I’m just watching and waiting.  I favor the short side.  But not for an immediate short on the e-mini futures.  If we consolidate, and then begin to break lower, with the right tape we may have a possible entrance for a brief, short trade.  But without consolidation?  If she simply drifts higher?  Then I let it drift higher.  No trade …

1 Comment so far. Feel free to join this conversation.

  1. 3w Investor July 29, 2015 at 9:27 am - Reply

    Please put in your to do list of videos one about “reading the tape” 🙂 that is something there is little information about.

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