Friday, April 19, 2024

ES Morning Update February 27th, 2017

It's a Monday gang... expect more light volume as the market waits to hear more about Trumps tax plans. "Trump is scheduled to address a joint session of Congress Tuesday evening and analysts are awaiting any details of his economic plan, particularly tax cuts."  That's the quote from USA Today.  So I don't see any big moves up or down until that's over with.  The market is tired up here for sure and needs some positive news to spark the next big rally... or negative news to get the bear party started.  Honestly, it's just a flip of coin at this point.  We know there is a pullback coming, but the "when" part is the hard thing to figure out.  Charts that get overbought just get manipulated as sellers won't sell while the market trades sideways long enough to reset those charts back to neutral or oversold where another rally can start.  Yeah, it's a bubble... and yeah, it's reminds of the non-stop run up in the Nasdaq in the 1999 dot com bubble.  This bubble will end badly too, but I don't see that until 2018 or 2019.  For now though the best the bears can hope for is small 2-4% pullbacks from time to time.  Today I just a whole lot of nothing.

Author: Red

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