ES Morning Update January 23rd, 2017

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Well guys, I'd love to tell something new but nothing has changed.  The market is still in a sideways chop pattern and has yet to breakout or breakdown.  It's dipped a few points this morning but there's no sign that this is going to be some big move down yet.  And every dip seems to be bought up as no one wants to sell yet I guess.  The only hope for the bears is probably going to be the last 3 days of the month when the mutual funds could do some selling to lock in some gains.  Other then that, today might just be another boring day.

It does have a bear flag on the futures so possibly we'll drop a little more today.  But I just can't see much right now.  If we revisit that 2253 low from 1/19 that would be the first support.  After that we have the 2248 low from 1/12 as support.  Basically I just don't see anything to give us any big move up or down yet.  If we drop to one of those support levels by the close today then I'd guess that we'll rally back up from that level on Tuesday.  However, keep in mind that the market has been repeatedly coming back to that 2265 level everyday by the close.  So it's more likely to see that happen versus a closing low at one of those support levels.  Overall this market is just in a pause mode as the bulls rest a bit and the bears sleep.  So it's still a "buy the dip" market until it's not... and I don't know when that is going to end.