With lots of consolidation happening during the week (only Wednesday showed some range), it is reasonable to expect some movement on a Friday. This is also supported by the notion that we could be looking at a higher time frame local top on the dollar index $DXY. How high $ES could go is anybody’s guess. This is personally not a comfortable place for me as a scalper because my buy entry models all require price to be at some short-term discount levels, i.e., I’d like some kind of a pullback or some short-term consolidation to find my edge. I also need to have an strong premise on which price the market is drawing to and the market hitting all-time-highs isn’t exactly my cup of tea.
On the other hand, one could potentially wait for a chance to scalp short this market but I’m not too keen on this as there isn’t a clearly bearish enough draw on price at the moment. This could change as the day progresses.
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