Friday, April 19, 2024

ES Morning Update July 25th 2017

Nice turn back up afterhours and premarket.  We knew it was coming from the look of the 6 hour MACD, but I kinda wasn't expecting it until Wednesday around 2pm from some FOMC announcement.  Now I'm beginning to wonder if we don't top out on Wednesday as this clearly looks like a 5th wave up.  Maybe there's one more push higher after something positive the Fed's say?  I don't know for sure?  But this market is setting up for a pullback very soon.   There's not only the wave count but there's negative divergences setting up too.  Then there's the month of August which known to be a bull killer... especially the 2nd half of it.  All in all the odds favor a correction coming very soon, and I'm thinking it could start as soon as the FOMC meeting is over with.  Anyway, not much more to add this mornings update so I'll end now and keep it short.

Author: Red

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