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.
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/ES Daily
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/ES Weekly closeup
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