Tuesday, July 23, 2024

ES Morning Update October 13th 2017

The futures are up a little this morning in what looks like it "could" be the squeeze higher I've been looking for?  If we tag on another 10-20 points and reverse then today might be similar to 8/8/17, but if it holds all day long into the close then it might be pushed out until Monday.  So we are looking for top today or Monday I think as everything is setting up nicely now to complete wave 5's of various degrees.  This 6 hour chart shows a MACD that is curling back up this morning, but I don't expect it to race up to +7.5 area again.  It should instead put in a lower high, and since it's a 6 hour chart this could drag out over the weekend and into Monday before rolling back over.  It's hard to chase this up but it's just as hard to short it too early.  No doubt the bulls climb a wall of worry as each day they gain a few more inches as the bears can barely pull them back one inch from time to time.  Short update for today. I'm looking for a slow grind up all day that holds until the close and most likely carries over into Monday.  Kinda pointless calling levels but the norm is 10-20 up with a bullish setup like we have currently.  Have a great weekend and look for a top on Monday (possibly Tuesday, but low odds) and then pullback to 2500 area would be my best guess.

Author: Red

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