ES Morning Update December 30th 2020

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Not much to add this morning. The futures are grinding higher, so tomorrow is the all important top date. We need to see the FP on the SPY hit too I think. So we have about 50 points left on the upside on the SPX left to go. On the news front the stimulus bill is still being stopped as Senate Mitch McConell won't allow it to be passed. Just more game playing it seems. It could be a market mover but with it being in the news so much right now I doubt if it has the punch currently as it would have in the past.

So it's probably going to be a dud event (as far as the market is concerned) when it is finally over with. Anyway, the bigger picture here is a 30-50% drop is due in January. The low will likely come in at the end of the month, and from there the market should rally back up into April/May, where a double top is likely. Yeah, that's crazy but that's what I see happening. The drop in January will get so many people super bearish that it will be easy to squeeze them back up for several months. That's all for today. Have a blessed one.

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