ES Morning Update September 2nd 2020

0
420

Well, the futures are up above those long term rising trendline this morning. We kinda knew that was possible if they rode the underside of them long enough, which is what happened. Trendlines are only resistance or support for so long, and they are most powerful on the first hit. But if the market manages to ride along them long enough they of course become weaker and a breakthrough is more likely.

But, just like triangle patterns breakouts can also be fake outs. I'm not in any position as even-though I think we are going to pullback into next week, I know the market is super manipulated right now and trying to pick the top to short it is like throwing darts blindfolded and spinning.

I prefer to just wait on the pullback and go long for that final rally up into late September or early October. I'm also open to change as if we reach much higher the top could be put in now and the rally back up after the pullback might only make a lower high. Kinda like an A wave down and B wave back up, instead of a higher high to end a very long and extended 5th wave up.

But no pullback means I'll just wait and wait until we get signs of a final top. Time is running out as I don't see this lasting past mid-October due to the election and the planned events the Deep State have to disrupt people going out to vote. Not much else to say, the bulls continue to grind higher breaking through road block after road block with no obstacles really left except the all time high on the DOW, and that could be the final target? Have a great day.

P.S.  Watching the Kendal Report below just makes me happy that I'm not short yet.

No Top Yet

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading Facebook Comments ...