I had a change of heart on the CME short position I have been in from 298.30, I just closed my position a few minutes ago for +8 and for good reason. Reason 1) Today's price action is showing some bullish sentiment with the outside day that has formed. The important thing to note here is the downtrend line (the little pink) its coming in at $290.00 on the daily, IMO this is important and as of right now its trading about it. If we can sustain this pattern into the close I can see some major upside in this one the next following sessions into next week. As you can see (trying to close above minor trend line and outside day there is a nice Inverted Head and Shoulders pattern here forming with a nice upside objective (2 of them). Another Reason why I changed my bias is because of how well it held its measure move and to me that's important (held to within .50 cents = tagged in my books $300 stock were talking here). Note the picture of the $ES_F below this verbiage, see its measure move and it held nicely (measured move coming in at 1352). If we can get some momo in this one, and I think we will, I'm looking for a 20-30 point trade here. Really it all depends on today's close I'm long CME from $290.85 anticipating this close above the minor trend line, to play it safe you could wait and make sure on the close above. I hope you find this post helpful and understand my reasoning behind flipping my positions. Good Trading KraTrader.
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