From the negative divergences in an overextended market, a pullback was precisely the expected future.
However, this pullback was faster and more furious than expected, collapsing the market straight to our targets.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Be sure to revisit last week’s updates regarding Market Internal Divergences and an expected pullback.
The logical daily chart target for the S&P 500 was the rising 20 day EMA near 2,270 which I updated yesterday.
The @ES continues to have the following Fibonacci Grid active, placing 2,263 again as the 50% retracement.
Yesterday gave us a sudden boost from this level, only to see price crash back into it today.
Here we are with a “make or break” support pivot in play. Plan and trade the departure from here.
For more daily updates from Corey, visit his blog at Afraid to Trade.com.