ES Morning Update February 22nd, 2017

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Ok gang, we now have an almost perfect match of the MACD patterns that I spoke of yesterday.  We had the cross back to bullish and now this morning back to bearish.  We should start our pullback today if the pattern repeats, and it should be 30-40 points with a pierce of the 2340 area low where previous support is at.  Thursdays seem to be the most common day in the past where we see some larger move happen, with downside in mind.  So if we do drop some I'd think it will carry into tomorrow.

Anyway, not much has changed from yesterdays morning update as far as the scenario or forecast.  It played out so far with the dip negative yesterday on the bearish cross of the MACD's and then the bullish cross back up that failed and has rolled over just like it did back around that 12/12 to 12/14 period last year.  So I'll end this post here and keep it simple.  Pullback to pierce the 2340 area low is expected within a day or two.