When is it time to panic and take cover?

Unfortunately, the way the market works is that most people will not reap the benefits for staying true to their convictions of using some kind of technical analysis, and decent money management principals, rather we give into fear and the heard mentality. My self included many times before have strayed away from my original plans to only regret not following through, followed by would’ve, should’ve, could’ve.

The purpose of this post is for my own visual reference, a moment to tune out the pundits and the news to see what the market is doing for myself, not to be swayed in one direction over another. As much as I would like my bullish positions to skyrocket, I can’t be blinded by my own wants or dreams.

The way I see it, we are days or a week away from the market selling off further, or holding true to the trend-lines I have drawn on the above chart and pushing higher. If ES is your instrument of choice, life above 2100 would be sweet if your bullish; “Big Money” would like to push the market there as well, but without the little guy along for the ride. It feels like we have been here before, there is that line in the sand traders are going to have to choose a side to be on before the market can move further.

If I were daytrading, I would look to short 2000 if broken, bulls panic below 1984 and 1960.

JPM earning 1/14/15, #Whispernumber