Saturday, July 20, 2024

ES Morning Update June 7th 2018


Yesterdays' slow grind higher tacked on over 20 points... not bad, not bad at all. But I seriously doubt if the bulls can do that again today. In fact odds are skewed more for a flat day or even down some. But I'll be rooting for the bulls to close it green again today and tomorrow so I can get a great short entry for Monday. I don't know if we'll be so lucky as the bulls seem to know exactly when they need to take a break and close red to avoid getting too overbought, thereby killing the perfect bear setup. But maybe this time will be different... who knows?

I'm also keeping my eyes on the VIX as it's getting closer to that old FP of 10.91 that's still showing up on my Think or Swim chart. It could be the signal to say the top is in for the market? Let's see if they can hit it by the close tomorrow. That's about all I can add for today as I covered everything yesterday. My best guess is down small in the morning then back up in the afternoon.

The rising brown trendline is support as shown on this 6 hour chart. A move into it today should produce another rally, but we might not see that until tomorrow from the looks of how far away it is right now, or even afterhours on Friday? But if that support line breaks it should be over the weekend from simple counting of how many 6 hour bars are left to get close enough to hit that rising brown trendline. Tomorrow at the close could be the perfect bear setup... but let's see a green close today and tomorrow to exhaust the bulls first.

Author: Red

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