ES Morning Update January 29th 2021

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We got a nice 70-80% bounce yesterday but gave most of it back after-hours and into this morning. However, it's still a higher low, so odds are that the opening low holds and we move up from there. I don't expect any new all time high today as it's a Friday and usually the market chops around and pins the SPY at max pain... which is likely higher then the current level the pre-market is at right now. The weakness should be in the first half the day and the strength late in the day.

That's when I'd expect them to do the rally to pin the SPY where the most puts expire worthless. As far as hitting the low 3900's it doesn't look likely today. Maybe next week, I just don't know? Today is a choppy sloppy day I think. But they are likely to tank the market to a new low today with the bears all loaded up short from yesterdays nice bounce. I still think at some point we'll take out the all time high before any multi-day correction will start. Have a great weekend.

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