ES Morning Update July 31st 2020

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We saw a nice drop yesterday but that 3200 level held once more and the market ripped back up from it the rest of the day and are up again this morning. I don't expect much today since it's the last day of the month and the week. The big move (down, then up) happened yesterday. Today looks mixed. If there's any weakness today it will be a gift to the bears as I don't expect it to hold, and Monday is likely going to be another up day.

Since the bears have failed to take out support I have to start looking higher next week as the bulls make another run. There's the 3328 SPX gap fill from 2/21 next on deck as resistance and then of course the all time high at 3393, so one of those areas look like the next chance for the bears to take another shot. Until then it's better to be a bull and look for small intraday pullbacks to get long at. I really don't have anything else to add, so have a great weekend.

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