ES Morning Update December 19th 2018


Today is "The Day" for the bears as if they want to crash it then today gives them their highest odds. Failure here and the bulls can take it back up into the end of the year. Crazy as it sounds it's all boiling down to the FOMC meeting today. Jerome Powell needs to say something (and do something) that the market will view positively or else it's going to fall off a cliff and crash. Once the horizontal support from the current low and the Jan/Feb low breaks there's nothing but air below for a long long way down. There's no way to know what they plan to do today as it's been the common practice for many years now to "save the market" at every critical junction like this.

So there's not much more I can add that hasn't already been said many times over again. It will crash today or be saved by the Fed's... pretty simple. Technically speaking it's perfectly aligned up for a crash... a wave 3 of 3 of C or something like that. But we all know that the market is manipulated heavily and we just have to guess on "if" this time will be like the prior times in the past or if they will just let it fall without interfering. I don't have the answer but I remain short and will either lose or win big. Good luck to everyone... bears and bulls alike.