Friday, July 19, 2024

ES Morning Update July 9th 2024

Grinding a little higher, but that's fine as I'm patient and just waiting to see if the pullback happens as taking short right now is suicide in my opinion. Better to look for oversold charts to get long for a squeeze. This Wednesday when the CPI comes out before the open and later the FOMC is the most likely period where a turn can happen. But don't forgot the common pattern for FOMC days to close green.

They can be a turning period for sure but I've noticed a pattern over the years where the Thursday and Friday after any Fed day stays high and delays any bigger drop until the following week. Meaning we could see the on the Fed day and do a small A down Thursday and B up Friday, which leaves the C down for the following week. I'm not looking for a huge drop now, just about a 38.2% pullback from the 4965 low to the high. That could be 200-300 points basically. It's summer time right now and very hard to trade. It's a period to just take off and relax for many traders, which is why the volume is light. Nothing more to add so I'll end it here.

Have a blessed day.

Author: Red

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