ES Morning Update August 19th 2020

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The market continues to hold up and refuses to give the bears anything on the downside. There's still very good odds for a drop here of a 100 points or so, but the when part is tough to figure out. The DOW is still under 28,000 and has not made a new all time high like the SPX just did, so this divergence is bearish. If the bulls trade sideways for enough days in a row I guess it's possible that they skip the move down but its still open for that drop now.

The futures are slightly up right now so it's not looking good for today being that drop day, as I'd expect a gap down open if this pullback is allowed. Very frustrating watching this market day after day continue to do a whole lot of nothing. Not much else to add here. We know the final upside target is likely just under 3600, and probably in September sometime. Whether we get that quick pullback or not is unknown. Have a great day.

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