ES Morning Update July 2nd 2020

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The FP on the SPY has been hit this morning so that's all the upside I see for now. Today should end the rally and setup the plunge to start next week. The SKEW was 142.44 yesterday, another extreme reading.

The DOW did hold the 26,019.31 level yesterday when I thought the "high" was in, and it closed under 26,000. The SPX did go a little higher, which I thought was possible since the FP on the SPY wasn't hit yet. I'm thinking that the market will rollover at some point today and close red. I don't know how much as it's pretty clear they are holding the market in place in front of the 4th of July holiday.

So it might be a small down day... not sure? Regardless, the stage is now set and the bulls are fully long again calling for much higher prices. Will the bulls win, or will the bears win? Only time will tell but my bet is on the bears this time around. Have a wonderful holiday and get yourself prepared with food, guns and ammo as this October/November things will get crazy again. If you live in a city I feel for you. May God bless you and protect you.

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