ES daily 03/17: bulls are winning, but be careful tomorrow

١٨ مارس ٢٠٢٢

In such strong bearish biased period, bulls still manage to inch higher and close at high today, pullback is even shallower than yesterday. Daily chart is clearly bullish. There is still a bearish alternative, but even that will need to see higher near term into 4450~4485 range to complete a gartley first. So clearly bulls are winning, but with past fractal of quad witching day, I would still like to give benefit of doubt to bears tomorrow, and maybe it would even extend to Monday to give us a buyable dip as wave (2) of wave 3. I plan to layer in some calls tomorrow and maybe add more on Monday/early Tuesday depending on the structure. I still have my doubt on the current rally as I think Ukraine crisis is far from over. But chart is clear for now, and I have seen such things before, which people call it the climb of wall of worry. As long as Biden administration won't expand the sanction to China, I would think this would probably the case for the next weeks or even months. From next week, unless market breaks key report, I will mainly focusing on buying different dips although I will still buy some hedge puts here and there to give some protection.