Tuesday, June 25, 2024

ES Morning Update March 18th 2016

423b9416-c6da-490e-9891-09f57eb4bf9e copyA breakout over the shorter rising trendline happened and then sideways consolation over it happened.

MACD's still have many negative divergences suggests a top is near.

For the past couple of weeks I have thought that we'd fill the gap from the January 2nd open this year and we did that yesterday on the SPX and the ES Futures.  At that point I was thinking it should top out a few points over that area, but yesterday I was re-shown a FP with what I now think will be the top, so I'm now thinking it will be early next week before this rally ends.

Today is Quad Witching Expiration so there could be some strange moves to pin the various instruments where "they" make the most money and "we the sheep" lose the most.  As far as the ES Futures, SPX Cash, SPY, etc... I don't see too much wild action.  I think it will be a boring day with little movement down or up as the futures certainly don't want lose the shorter rising trendline or the longer rising trendline.

So, I'll probably do a whole lot of nothing today and wait for that top next week.  On the downside for support the shorter rising trendline is around 2032 here before the open and the longer rising trendline from the 1800 area low is around 2023 or so.  Break that and I'll change my tune... otherwise I'm a patient bear.

Author: Red

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