Hourly close under 1168 ran the stops and set off a VST sell signal on the trading platforms. They then immediately goosed the futures to flip those dudes to the wrong side of the trade.
If I were a goon intent on setting a bottom, I would keep ES north of 1168 but south of 1192 for the rest of the day. A close under 1192 today would drag all the stop reversal lines to that number at the close and set up an easily reachable target to jump for the usual bear-skinning festival.
Of course, if they take out 1168--then that trade is obviously wrong.
Long from 1168 with B/E stops looking for a setup to scorch into expiration.
There was some whipsawing at VST 1168 (typical at turns) but the basic setup idea was sound. Once the headfake down from yesterday AM reversed and cleared 1168 it was off to the races.
New ES stop/reversal lines are as follows:
VST = 1226
ST = 1212
IT = 1212
LT = 1191
All trends are bullish above those lines/would reverse to bearish below
