ES Historical Resistance Held... For Now 8/31/2020
ES at the daily view.
The last historical resistance that I had (around 3530ish) held for now. The ES was just 5.5 points away from that zone.
The question is not a matter of price action, but a question of time. Can this resistance hold long enough for liquidity levels to lower materially? Can this resistance hold long enough for the NYAD to break its uptrend support?
For the past month, liquidity levels were high enough to hide a submarine in. It became predictable to see more bears convert into bulls once 3400 broke. Bears placed their shorts at the most obvious price (just above 3400). Breadth has been on a knife edge at best. The NYAD is at the uptrend support again. However, that trend line hasn't broken yet. So, we are seeing a crossroads yet again.
That said, the VIX was making small spikes over the last 2 months. It was just high enough to keep the VVIX above 105. I wrote that the VIX was buying time for the liquidity levels to decrease. It looks like we are finally getting closer to that event.
The last historical resistance that I had (around 3530ish) held for now. The ES was just 5.5 points away from that zone.
The question is not a matter of price action, but a question of time. Can this resistance hold long enough for liquidity levels to lower materially? Can this resistance hold long enough for the NYAD to break its uptrend support?
For the past month, liquidity levels were high enough to hide a submarine in. It became predictable to see more bears convert into bulls once 3400 broke. Bears placed their shorts at the most obvious price (just above 3400). Breadth has been on a knife edge at best. The NYAD is at the uptrend support again. However, that trend line hasn't broken yet. So, we are seeing a crossroads yet again.
That said, the VIX was making small spikes over the last 2 months. It was just high enough to keep the VVIX above 105. I wrote that the VIX was buying time for the liquidity levels to decrease. It looks like we are finally getting closer to that event.
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