Sunday, July 21, 2024

ES Morning Update May 3rd 2018

Well, yesterday sure did trick me. The fast up move and then the tank into the close was not expected. Everyone is bearish now looking for this to fall off a cliff and take out the 2532 lows, and I can't blame them as the charts look like crap... not at all bullish by any means. I'm just going to take a neutral stance as I'm clearly not in-sync with the market right now. This market could go either way at this point and just a little lower it will break an important rising support level and could trigger the big boys to hit the sell button hard.

It's the one that starts at 1808 SPX from 02/09/2016 and points to about 2625 today. If the bulls lose it on a weekly close next week should be very nasty looking. I wish I knew the answer on that beforehand but I don't. I've been bullish recently looking for a strong move up to start but I'm just going to take no side at this point as we are at a level where it could bounce hard or tank hard. I hate it when you get a call wrong and this is spot where I'd just be guessing on the direction. So I'll just "not guess" and watch to see what happens. Best of luck to you.

Author: Red

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