Replies to post #604718 on $Stock*Shop*Charts*News*Option$

[biocqr]

If we go into recession..which looks likely to me, there will be a test of the long term trendline at 2550. It will take about 1.5 - 2yrs to get COVID-19 under control IMO. This is a very tricky virus. Some get it with no symptoms and infect others. Some get it and don't present symptoms until 3 wks later. Very hard to quarantine those who have it. The fear of getting it won't subside until we have a vaccine in mass production and readily available to everyone.

[biocqr]

Today's ES low was 2853.25. We closed at 2966 for a 112 pt bounce. ES was briefly above the YP at 2974.50 in after hours trading. Lot's of short covering in the last 30 mins.

Not bad.

The 50% fib retracement at 2857 is my target. We should see a good bounce. A bounce back and close above the yearly pivot at 2974 would be very bullish and maybe an intermediate term bottom.

[adeezl]

Yes, most indicators are not that dependable. I work for Wells Fargo, but give my opinions here with my own money. We do not look at 35 indicators to signal a position though.

We noticed a lot of buying from Merril Lynch today, most likely covering out. For us, it's all about where the volume hits from previous levels. That's where most large clients want to buy or sell. 2900 was a lock on /ES for support, the exact number isn't that big of a deal for us, it's usually a 2-week hold. Target here is 3017.47

The same with Oil, $43.xx was a must for support. I bought 10 contracts today at $44.07 to test the waters. my target from here is $48.38

Cheers mate.