ES Morning Update July 28th 2020

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I was late yesterday getting the morning update finished, but it's well worth the read as it's a long one that covers THE BIG PICTURE. I encourage everyone to go read it.

ES Morning Update July 27th 2020 – THE BIG PICTURE

This morning we see not much has changed. The market just chopped around all day yesterday with a small rally, and today is looking like it might chop around again (and maybe give back that rally?).

This is of course the dreaded period traders hate as they "wait on the Fed", which is tomorrow at 2:30 pm. I don't expect a lot between now and then, but of course I'd like to see the rising light purple trendline break on the SPX chart. It's around 3225 right now (and rising each day of course), and is clearly the "line the sand" that the bulls keep saving and the bears keep trying to get broken down through.

Again, I doubt if we see much action today due to the FOMC meeting looming tomorrow. After the meeting is when we should see the market decide the next move.

This chart from Adam Mancini on Twitter pretty much covers exactly how I think, but I favor the down move due to the past history of the end of July usually having a pullback, which is explained fully in yesterdays morning update. Not much else to say so I'll end it here. Have a blessed day.

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