Wednesday, February 12, 2014

Maximum Pain...

That's what it feels like being short the /ES right now.  I'm experiencing a much larger drawdown than I should be at the moment.  My only saving grace was I did put a stop in on 1/3rd  of my /ES position a@1804.50.  I had a limit order in this morning short that 1/3rd back @ 1822.  This is the only thing I seem to have done right in the past several days.  There is now significant support underneath the market around 1795-1800. That's the spot, no doubt about it. As of right now, I believe the SPX could trade down to that level and possibly bounce back 1 more time to 1815-1820. I put annotations on the charts explaining what I think might happen next. 

SPX Daily

/ES Daily

/ES Weekly closeup

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