Sunday, July 21, 2024

ES Morning Update December 13th 2017

The Democrats won the Senate in Alabama last night and the futures yawned with a small dip that got completely erased this morning.  Today's FOMC meeting is all that is left that could shake up the market.  Failure to do so would likely mean the bulls will continue this slow grind up into the end of the year.  This rally is looking more and more like the Bitcoin rally, which now has officially surpassed the Tulip mania bubble... and we all know how that ended!  Needless to say that picking the top of this insane move up over the last year or so has be futile to say the least.  But just like that Tulip mania bubble in the 17th century finally came to an end and busted so will this "Stimulus Rally"... and it won't be pretty.

Until then we have to just play it day by day and I don't see anything for today that suggests it will rollover (except the usually negative divergences everywhere, extremely overbought charts, light volume trading, historically low VIX readings, complacency, and others I can't remember).  So a surprise by the Fed's today at 2pm is all the bears have left I guess.  I'll continue to refuse to chase this market higher without a decent pullback to get a good long spot at as I feel it's like buying Bitcoin right now... which I think is about as foolish as gambling in Las Vegas thinking you can beat the house.  Anyway, for today the 6 hour chart here of the ES Futures shows you how overbought the MACD is and how the Histogram bars have fallen back down to the zero level, which under normal circumstances would indicate a market about to pullback a little... but what's normal in this insane market anyway?  To the moon Woody the bull... and Buzz Lightyear would say!  And we all know that was real too... don't we?  ROTFLMAO!

Author: Red

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