ES: What goes up must come down
We gapped on Monday, reaching 2874.75 point, where the market pivoted at the beginning of 2018, I have found gaps on the ES to be very reliable to foresee that the market is going to move at some point towards the gap and close it (in the ES) the higher the time frame we see the gap in the more attention we should pay to it.
Just look at what happened last Dec 18 after we gapped... The way I see it since we are against resistance and the market has already moved to the upper edge of the weekly expected move (which I simply get from looking at the price of the ATM straddle on Sunday, before the week starts) and that we have a nice GAP, sometime this week or maybe the beginning of the next we will see a reversal which I expect to reach the 2811 target I have drawn on my chart.
We could still hold and do nothing for the next few days but there are some important reports coming at the end of this week that could be the catalyst for that move.
Just look at what happened last Dec 18 after we gapped... The way I see it since we are against resistance and the market has already moved to the upper edge of the weekly expected move (which I simply get from looking at the price of the ATM straddle on Sunday, before the week starts) and that we have a nice GAP, sometime this week or maybe the beginning of the next we will see a reversal which I expect to reach the 2811 target I have drawn on my chart.
We could still hold and do nothing for the next few days but there are some important reports coming at the end of this week that could be the catalyst for that move.
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