When to Short the Market

Below is a chart of the last few days of the S&Ps (ES).  It is a 27,000 Tick Chart.  This is just a higher time frame ver­sion of what I gen­er­ally use dur­ing the trad­ing day.  It is sim­i­lar to a 45-minute to 60-minute stan­dard chart, depend­ing on the activ­ity.  It is a good one with which to view the “big­ger picture.”

We dis­cussed last night the effort vs result in yesterday’s overnight mar­ket and then the UT and sup­ply that came in yes­ter­day and how the trad­ing range was unlikely to hold sup­port.  Well, here it is.  Note that we broke the 1177–78 level, that has served as recent sup­port.  Lower prices are now likely.  Watch for a weak rally to short.