ES Morning Update January 19th, 2017

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Not much to add today... still waiting on the 20th when Trump gets into office.  I'm looking again for the 2285-2295 area to short at but I also want some volume in that move, or else it might go through 2300 to 2310-2320 before it ends.  Not sure of course of the exact target it stops at as all we have is the 230 FP on the SPY, which is about 2300 SPX and the futures are running pretty close to the SPX Cash right now.  So 2300 on the cash might be about the same on the futures or just a few points lower.  Remember that while FP's are targets for the insiders that "they" plan to take the market to at some point in time they don't always stop right at that level and commonly pierce through it a little before stopping and turning.  So just look for the big volume squeeze day gang, as it could come today, tomorrow or Monday but it's coming soon.

SIDENOTE:

Trump is very similar to and is the perfect scapegoat just like Herbert Hoover was in 1929.
1. A rich Republican business owner.
2. An outsider never elected to office until inauguration.
3. Came in after the Federal Reserve blew huge asset bubbles in stock market and real estate from easy money policies.
4. Pissed off the Mexicans by sending them back in droves.
5. Created large infrastructure projects eg Hoover Dam.
6. Imposed tariffs on foreign goods entering the US to protect businesses.
Within 7 months after taking office the US and the world enters the Great Depression but it wasn't his fault!
Source: Nick Giambruno