ES With Overlay

Market probably bounces again because RSI went oversold, but then MFI will get overbought and we go back down. Expecting whipsaw all week, but I said that would happen last week. I also said next leg is probably down, and probably because of the Fed shutdown. My opinion stays the same.

I overlayed the previous drop with some adjustments to make it fit.

The safe bet is cash until Monday.

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I suppose one way to play is to just buy next week's puts and ride out the pumps.

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I'm expecting another bull trap tomorrow similar to yesterday, but as bearish as the market looks, it could double gap down.

Staying cash isn't a bad thing, the more the market tanks the more profit you make when it bounces.

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I'm bullish for tomorrow, but not going long. Risk/reward isn't there.

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I leave open the possibility that this is a melt down, and the big boys may have turned the algos off. No bounce when RSI went oversold today.

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Note: RTY 3 hr chart looks a lot more bearish than NQ and ES

I just posted it. No long positions for me until next week.