Odds of a higher high on Thursday are great. Could be just a penny or 10 points? Don’t know? But by then the short term charts “should” be overbought and allow the market to rollover… how much is the question?
The ES Futures did go up this morning as I posted yesterday that it was possible. Unfortunately (for the bears) the 60min, 2hr, and 4hr charts aren’t overbought from this move. This means they could push up all day on this triple (quad, or is this the 5th time?) top area. Since we all know that the more time the market hit a resistance/support level the more likely it is to break it.
This goes on for much longer on the bull side I’ve noticed then the bear side. Meaning the bulls will attempt to breakthrough 3,4, or 5 times before giving up. Of course if they fail to breakthrough this time around then the odds swing back to the bears as after 5 attempts with no success there’s rarely another attempt without a deeper pullback first.
I’m 50/50 here as I do not know which way it will go? I can only say that the short term charts are bullish for today and if they push through then I’d expect “buy stops” to be hit to squeeze out the bears. This could add 10 or points up from the breakout before exhausting the buy stops. That means 2110 could be hit on the ES Futures if this happens.
I have no bias either way today as it better to just let the market tell you what it wants to do. However, since a bear squeeze would hurt the most traders, and the fact that the Fed’s hate the bears, I’d bet on the bulls winning today as the market is still heavily rigged to favor them 80% of the time.
If the bears win then we should drop very nicely and stay down all day and into Thursday as we’d then have a lot of bulls trapped. The bears need to keep the market under Monday’s high. Failure to do so should lead to a bear squeeze.
Based on what I’m seeing in the ES Futures chart we “could?” do a similar pattern Wednesday where we open up a little and then go down. However, “if” that happen we should stay down the rest of that day and into Thursday.
Charts say we go down Friday, but don’t forget about the “manipulation” factor by SkyNet.
This pullback will likely be bought today. I wouldn’t put on my bear suit yet.
I think the market today is at the 24 level on the video: https://www.youtube.com/watch?v=YHv5jgXz9I8
Odds of a higher high on Thursday are great. Could be just a penny or 10 points? Don’t know? But by then the short term charts “should” be overbought and allow the market to rollover… how much is the question?
The ES Futures did go up this morning as I posted yesterday that it was possible. Unfortunately (for the bears) the 60min, 2hr, and 4hr charts aren’t overbought from this move. This means they could push up all day on this triple (quad, or is this the 5th time?) top area. Since we all know that the more time the market hit a resistance/support level the more likely it is to break it.
This goes on for much longer on the bull side I’ve noticed then the bear side. Meaning the bulls will attempt to breakthrough 3,4, or 5 times before giving up. Of course if they fail to breakthrough this time around then the odds swing back to the bears as after 5 attempts with no success there’s rarely another attempt without a deeper pullback first.
I’m 50/50 here as I do not know which way it will go? I can only say that the short term charts are bullish for today and if they push through then I’d expect “buy stops” to be hit to squeeze out the bears. This could add 10 or points up from the breakout before exhausting the buy stops. That means 2110 could be hit on the ES Futures if this happens.
I have no bias either way today as it better to just let the market tell you what it wants to do. However, since a bear squeeze would hurt the most traders, and the fact that the Fed’s hate the bears, I’d bet on the bulls winning today as the market is still heavily rigged to favor them 80% of the time.
If the bears win then we should drop very nicely and stay down all day and into Thursday as we’d then have a lot of bulls trapped. The bears need to keep the market under Monday’s high. Failure to do so should lead to a bear squeeze.
I think we are just waiting on the ES Futures to rollover on the 2hr and 4hr charts.
2086 is the line. if it fails then we are in for the 3-5% decline.
Based on what I’m seeing in the ES Futures chart we “could?” do a similar pattern Wednesday where we open up a little and then go down. However, “if” that happen we should stay down the rest of that day and into Thursday.
Not sure if we hold this high or go higher into the close? Looks weak now. Could rollover soon?
Early low looks to be in now or will be with one more retest, then up the rest of today some to lure in the bulls.