Sunday, July 21, 2024

ES Morning Update August 29th 2018

Nothing much has changed since yesterdays post, except that the MACD on this 2 hour chart has fallen from about +8 down to the +2 area... which suggests a turn back up is near. Maybe that turn happens late today or tomorrow? Naturally it should make a lower high on its MACD levels and a higher high on the actual ES Futures price. Since we have very light volume this week and a three day holiday weekend coming up I have to think that they will go up again before the week ends.

And eventhough Friday is open for trading you might as well call it a 4 day weekend as many traders will leave early that day or take it off completely to get started on the Labor Day vacation. What would be a shocker would be to put in a high on Thursday or Friday (I say Thursday as there could be some light selling on Friday as traders close out their long positions before the weekend) and then open up next Tuesday with a nice gap down.

Blame on it something said over the weekend or whatever. We all know it's very overdue for a pullback so it won't be a surprise to us. I'll keep this post short as like I said... nothing has changed. I'm still looking for a little more on the upside to top out this rally and start a pullback/correction. Wave count suggest this sideways action is some kind of wave 4 and a 5th wave up is next. We shall see I guess... have a great day.

Author: Red

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