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It's Hard to Time the Breakdown
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Danny Riley
July 11, 2023
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Our View
Predicting the exact time when the markets are going to reverse while in an uptrend is one of the hardest directional calls to make. For instance, it's way harder than looking for a low after a selloff when everyone is short.
In the new world trading order, one has to be quick to make directional decisions that do not always fit your train of thought.
What we do know is that the ES traded down to ~3882 on March 13th and traded all the way up to 4498 on June 30th, and remains just ~50 points off its recent high. That's by no means a negative!
Like I said in yesterday's OP, I am getting bearish, but that doesn't mean that July's positive statistics are over as there are still 14 sessions left in the month. That all said, you have to roll with the punches and fighting the trend is tough to do.