ES Morning Update November 24th 2020

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It's starting to look a lot like the period from the 10/12 high down to 10/23... the last rally before the C wave down started and then bottomed on 10/30. Currently we have the high on 11/9 and have been doing a similar looking pattern of moves down and up.

It looks too me like the rising purple trendline is key and once it breaks down cleanly through it the C wave down will have started. So, when would be a good day to do you ask? How about this Wednesday right before Thanksgiving when not many people are paying attention? Then bottom it on Friday or next Monday?

Just speculation there but we all know how many times in the past they do "turns" in the market around holidays. In this case it would be a turn down right before it and turn back up shortly after it. On the SPX cash daily chart there's a rising green trendline that is just under 3400 right now but should at or above it by this Friday and next Monday.

So the falling yellow trendline on this ES Futures chart might not hold... not sure? I just know that if everyone is looking for the same area (3450-3500) then it's common for it to either fall short or pierce it a little. For today though it looks like more of the same... a directionless market. But tomorrow I suspect it will lose the rising purple trendline and start the C wave down. Have a blessed day.

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