PitTrader

Market shutdown will not change things, will be the same as a limit up or down - orders will still be place it's won't change the sentiment. What people don't realise this was setting up since 2009 - it's not virus related, news and economist alike are using it as a convenient scapegoat. See the short covering on ES YM that's only rollover March to June and a 50% retracement still want to go to 2015/16 highs

What people are calling a fake rally - well traders are exiting March contract rolling to June - that's what you're currently seeing. And you may not be aware that some brokers have increased their daily margin levels to that of full overnight margin requirements. So that essentially prevents less funded retail players out of the equation. At the same time those day traders will have to close out their positions before end of day and most will close out at cash close - that will only lead to bigger moves and potential gaps. We really want to take this down to 2015/16 highs have been wanting to do that since Jan 2018 but trend said higher- these fake rallies are backtesting levels that were missed going up to the all time highs are why we bounced at those levels. The drop that gave us Dec 2018 lows was already taken care off since March 2018 - so when we came back down to around late Aug 2019 it was a perfect storm setup a stop run down. Why its been a bearish market since Jan 2018 - others will say need to drop 20-30% but no it was setting up a long time before and old school prop traders came out and stepped on it.