ES Morning Update August 23rd 2018

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Yesterday gave us the move up and a small move down. Today looks like up again but I don't think it will be much. Like looks like a wave 1 up wave 2 down combo times two... meaning that if we close up again today we could see a 3 down of 3 down on Friday. I still do not believe this market is ready to just continue a slow grind higher each day without a significant pullback first. Too many bulls looking for much higher prices in my opinion. Bears are looking for a crash that's delayed the pullback. They need to go to sleep and then the market can drop hard and shake out all the bulls. But for today it looks like a repeat of yesterday, a boring day. Maybe I'll take a nap today (since I'm a bear here) and then wake up to carnage at wall street.

From a technical point of view I really don't see much clues. It's mixed on various time frames and charts as some support the bulls and others the bears. Overall this is just a hard place to predict the next big move... which I think is down. But for today it doesn't look like that's ready to start. I think it's going to happen afterhours or premarket when everyone can't get in or out. A gap down and go type day is what I'm expecting. Will it happen on Friday or Monday... or never? I just don't have the answer but the market is primed for such a move... picking the exact day is something only the insiders know.