Friday, April 19, 2024

ES Morning Update February 27th 2018

This morning we have indeed hit the falling black trendline and stopped at it. I discussed in the chatroom that odds would favor a sideways pullback to make a bull flag instead of a regular move down, and that's exactly what is happening right now. I don't expect much action today but at some point I expect the bulls to bust through the falling trendline... maybe later today or Wednesday? The rising black trendline will be support if we pullback from the falling black trendline and lose the perfect bull flag. It's pointing to around 2765 or so it looks like. Even if it's hit I still see the market as bullish into the rest of this week. Could the high be in yesterday? Sure, but I doubt it. Odds favor more upside inside Friday before we shake out all the bears. It might be choppy getting there but that's fine with me. I just want to see some finally fast squeeze that last day to turn everyone bullish. So that's about all I have to add for today as we seems to be on track still for a high from this move by Friday or possibly next Monday.

Author: Red

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