ES Morning Update December 21st 2018

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Markets look to open about flat this morning... not good if you are a bull as they really should have gaped up strongly if a true bottom was put in yesterday. To me it tells me that at some point we'll rollover and go lower again, just like yesterday. And since we have now had two closes in a row below the Jan/Feb low this next move down could triggers some algo's to hit the sell button. We'll know it from the pick up in volume.

Normally I'd think today would be a "pinning" day as there are four different types of assets expiring today... hence the reason they call it "Quad Witching" expiration. But I'm unsure on that happening this time around due to a lack of "capitulation" yesterday. Maybe the bulls hold their gound but if they lose yesterdays low at any time today we should go into a freefall and crash. Yeah, doesn't seem likely just a few days before Christmas so maybe it doesn't happen. Just keep your eyes on yesterdays low is all I have to say. Have a happy holidays.