ES Morning Update September 20th 2017

0
1095

Again gang, nothing to add that hasn't already been said. The market is waiting on the FOMC meeting today at 2 pm EST to hear what the Fed's plan to do in the future about interest rake hikes. I'd expect nothing new to come out of the meeting that the market isn't already expecting to be said. Then it's going to boil down to how many shorts there are in the market right above this 2500 level. If too many we could see a fast squeeze up higher to take them out, but I don't think it will hold past this Friday. In fact we could it see reverse intraday today like it did back on 8/8, but I'm not expecting that to happen as patterns rarely repeat exactly... especially one so recent. Now if that 8/8 move hadn't been seen for 3-4 years, then yeah it might repeat.

My thinking is we'd some "shaking and baking" today on the bulls and bears but the real move won't come until this Friday, maybe as early as Thursday. I fully expect next week to be down no matter what happens today. That gap on the futures has high odds of being filled before another multi-week rally starts that takes us to 2600 or wherever. I just can't see them getting too far away from that open gap and leaving it un-filled while the bulls push on up to wonder wonder land. Anyway, that's my thoughts for today. Might as well take a nap until 2 pm gang as more sideways movement is expected this morning.