Saturday, July 13, 2024

ES Morning Update October 1st 2019

The futures are up some this morning but the overnight session had them up more... and they managed to pop through the 200 simple moving average on this 60 minute chart. The bears are getting tired it seems as 3000 seems to be the goal for the bulls right now. The DOW is also seeking the big even number as it looks ready to take out 27,000 by the open.

I'm not sure what to make of this? Is it for real or another "fake out" to get the bulls trapped long before a reversal back down? Only time will tell I guess. I'm currently in a short position and obviously not liking it. I still feel like the market isn't bearish enough to support a strong rally up to new all time highs, nor bullish enough to allow a big drop. It's just in no mans land with a bullish short term bias this morning.

I hate being trapped on the wrong side but that's part of trading I guess as you win some and lose some. I'll give this more time to see what happens but I suspect we'll see a bunch of traders flip to long this morning. Will that cause the market to flip back to bearish mode or will it rally on up and pay the longs? I wish I knew. Today is the first day of the month of October so maybe it's just new mutual fund money being put to work and won't last but a few days? Anyway, I don't have much to add this morning so I'll end it here. Have a wonderful Tuesday.

Author: Red

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