Saturday, July 20, 2024

ES Morning Update June 5th 2024

The market is getting ready to make a move higher it seems, which this time around I think it could get through the green trendline of resistance, but the white trendline should be a lot harder to get through. If we get a breakout soon then I think we'll reach that zone and stop there and go sideways more under it into this Friday to give the appearance of another breakout, but I think we will be overbought on the 6hr chart then and will pullback next week in front of the FOMC meeting.

After that I'm not sure but the second half of June is normally weak from the Seasonality Chart, so I don't think we'll go much higher but instead we will pullback. How much I just don't know, so we'll have to wait and see where we are at then and what the technicals look like. Right now they are looking bullish still, at least for the short term. I still don't think the market is ready to start the big leg up to 6000+, as I think we won't start that move until July.

Have a blessed day.

Author: Red

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