ES Morning Update August 12th 2020

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Ok, we finally got a move down yesterday. If it was an A wave down of some degree then the bounce we are seeing in the futures this morning is likely the B wave up. This leaves the C down for sometime today or Thursday. I don't get the feeling this (yet) that this is the start of that bigger drop to 3150 or 3070 yet.

More likely is that we chop up and down today and bottom on Thursday around the 3300 area. I say this because I think the SPX isn't ready yet, as it wants that all time high first. I suspect we'll do the typical move down early today, and then go back up into the close with 3350's likely (which it appears we will open around there as well). Since next week is the more bullish week, with this week normally being the weaker one, I don't think we'll see that new all time high before this Friday.

Choppy up and down moves to frustrate both bulls and bears is what I'm looking for until next week. Tomorrow is still likely the low but it might not be much more then a quick pierce of 3300 to suck in some bears. Yeah, I'm disappointed here as I've been looking for that bigger drop for awhile now, and I still think it's coming, just not until after a new all time high is made on the SPX. Have a blessed day.

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