Saturday, June 15, 2024

ES Morning Update June 4th 2024

A decent pullback yesterday, but it got bought back up as expected. Technicals are still bullish on the 6hr chart and the daily chart is mixed... meaning it could go either way. And the weekly is the same as yesterday... tired basically, with a slight downward bias.

It is still choppy essentially with nothing aligned all up together in sync to support a big breakout higher or a selloff lower. If we go up today and into tomorrow then we could get overbought on the RSI and MACD of the 6hr chart by Thursday, possibly as late as Friday.

That doesn't mean we will just rollover and drop hard but if we are overbought when up into the green or white trendline of resistance I'd have to think it will hold and we'll pullback again... which should be to at least revisit yesterdays low, probably lower. This is again just "guessing" on where the RSI and MACD will top out at, and my best guess is Thursday. The pullback would be into the next FOMC on Wednesday the 12th, which we've seen many many times, so this is probably how the rest of the week will play out.

Have a blessed day.

Author: Red

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