ES Morning Update January 30th 2018

0
1014

Well, the bears chose to take it down yesterday, which with today's gap down is a pretty good move in total. But I fear this is going to be a "sell the rumor, buy the news" event after the FOMC tomorrow. We are down in that range of support now that I spoke of on yesterday's post. It's pierced through the 2480 area a little to run the bulls stops I'd guess. If all goes as expected I'd think we'll see a bottom put in today and back up tomorrow after the FOMC meeting. You can see on this 6 hour chart of the ES Futures that the MACD's have fallen nicely and are approaching the zero area where turns back up are common. I say that I took this short as I really was 50/50 on the break of the rising green trendline yesterday. And there's the fact that the 6 hour MACD has gotten other bearish crosses recently that faked me out thinking this time it's going to break. That's when the bears get creamed shorting it expecting it to break, only to see it scream higher again. So now I'll be waiting for this to bottom today and/or tomorrow before the FOMC meeting so I can go long when everyone is super bearish again. I can't add much more then that as I spelled it out fairly well on yesterday's post.