A note on trend days

Here’s a tick chart of yesterday’s action on the ES, now in terms of trend days you look at the NYSE tick, advance decline, sector movement etc. One thing to notice as well is gap retracement – especially the first hour. Other than a brief buying period in premarket we had no attempt to retrace even to the 50% line which is coming in at around 991 (which is why I am looking to sell @ 991 if we get that high). Meaning program selling, distribution whatever you want to call it. The problem with yesterday that ALL of the movement came before 5 am from overseas pressure and most retail traders where left in the dust wondering whether to go long with such overextended levels or jump in on the short side as well, me being one of them, luckily I was able to bag a couple of points that where left to the downside. Boy these market makers are good!

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