Wednesday, June 12, 2024

ES Morning Update May 22nd 2024

More "basing" yesterday, which again is bullish 70-80% of the time. We have Nvida earnings today, which could cause a breakout or breakdown from this current range. A 100+ point move is coming and sadly for the bears it's looking like it's going to be up.

I have no way of knowing for sure but the daily chart still isn't overbought yet, at least not to the point where a pullback is needed to cool it off. It's doing the "cooling off" right now with this multi day sideways basing, so there's just as good of odds of this market rallying again as it is selling off.

Tomorrow we have the jobs data, so I don't think we are going to stay in this tight range much longer. A breakout or breakdown is coming, but I don't know which way.  It's coming soon though as I doubt if we can get past Nvida earnings or the Jobs numbers without some volatility.

Have a blessed day.

Red
Author: Red

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