ES Stopped by Historical Resistance 7/21/2020
ES at the 4 hour. The ES was stopped by the historical resistance (red line) for a second time. The first time was in early June.
The VIX and VVIX were giving a warning for 2 days that some sort of pullback was coming. It's why I didn't go long here. I'd rather wait for the VIX to clear up and present me better long opportunities.
That said, liquidity is rising dramatically. That's apparent by now with the dollar weakening. I am not expecting very big pullbacks to be honest. That will upset a lot of bears, but that's how the market is right now.
Triple tops are actually pretty rare. Market likes to break supports or resistances by the third time. If we get a pullback and the market internals are still bullish, I don't think this resistance will hold a third time. After this resistance, the gap above from February (3330) will be calling.
The VIX and VVIX were giving a warning for 2 days that some sort of pullback was coming. It's why I didn't go long here. I'd rather wait for the VIX to clear up and present me better long opportunities.
That said, liquidity is rising dramatically. That's apparent by now with the dollar weakening. I am not expecting very big pullbacks to be honest. That will upset a lot of bears, but that's how the market is right now.
Triple tops are actually pretty rare. Market likes to break supports or resistances by the third time. If we get a pullback and the market internals are still bullish, I don't think this resistance will hold a third time. After this resistance, the gap above from February (3330) will be calling.
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