Wednesday, June 12, 2024

ES Morning Update November 12th 2019

Looks like today is going to start off as a mostly flat day from the current look of the futures. This market is just waiting for some trigger event to move it hard and fast in one direction or the other it seems. Will that be the impeachment witch hunt tomorrow and Friday? I wish I knew but right now it feels like both bears and bulls are being put to sleep. However, the bullishness still out there is quite high and that suggests the next move will be down, not up.

Yes, there's a bull flag, and yes we are above all the moving averages... but don't be shocked if instead the market has a sudden drop before this week ends. I'm a bull up to the FP on IWM going into the end of this year, which is about 3200 on the SPX and 28,500 or so on the DOW. Short term though I'm a bear as I just don't see this going up another 100 SPX points with such uber bullishness out there right now.

Yesterday I took a small short position and will look to add another one at some point this week. If it drops before I add it then at least I'll have something, but I'm hoping we get some kind of sell signal pattern setup within the next few days. With this impeachment show set to start tomorrow the market might trigger that sell afterwards, or maybe it waits until Friday?

So far it is doing a nice job of trying to setup as a slow sideways grind for many days in a row, up at all time highs, is perfect for getting the bears to capitulate and the bulls to go "all in" expecting the bull flag to rocket the market much higher soon. Sorry, but I just don't see that happening right now. I'm not taking big shorts though either as I know how rigged the market is for the bulls, but I did risk a small one as I already mentioned.

Anyway, not much to add as we are clearly in the eye of the storm right now where everything is quiet and peaceful. But the winds won't stay that long forever. May God bless you and keep you warm if the cold weather has reached you as I went from sunny and 65 degrees yesterday to 27 this morning with an inch of snow. Thank you God for my fireplace. LOL.

P.S. The image of the snow is my driveway.

Author: Red

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