We Forgot what a Pullback Was Market Update Feb 16

Feb 16, 2017: 11:02 AM CST

Wait – what is this?  Price can actually go DOWN?

After the last five days, it’s understandable if you assumed we’d be seeing higher prices forever.

Nevertheless, today gives us our second pullback in the big uptrend impulse that catapulted the market higher.

Here’s today’s updated Emini (@ES) trading levels for your trades:

It’s easy to get caught up in euphoria but markets can change rapidly; overconfidence can trap traders quickly.

Here we are with the second pullback to the rising 20 EMA (30-min) along with a new Fibonacci Grid update.

The 2,340 target is achieved and should selling pressure break the index under this level firmly, we’d expect another swing down toward the 2,330 target at least.

If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!

Afraid to Trade Premium Content and Membership

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Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”

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