EOD Thoughts
2022.05.17 09:01
The past few trading days have been a fight for control. The bulls have repeatedly ALMOST broken through resistance, but thus far they’ve failed, whether we’re talking about the ES…..
ES Chart
……..the NQ……..
Nasdaq Chart
………or the RTY………..
RTY Chart
By the end of Monday, there was an enormous amount of smoke, but absolutely no fire at all.
IWM Candlestick Chart
My concern is if the bulls can indeed complete the bullish base below. If so, then a rally toward the next major Fibonacci resistance level comes into play (the green horizontal shown below).
ES 30-Min Chart
I remain in 20% cash and am watching the situation carefully for more through signs that the counter-trend rally has run itself out. I would also urge you, once again, to keep a close eye on Ethereum for a sense of how the are doing.
Ethereum Price Chart
