Friday, May 24, 2024

ES Morning Update May 23rd 2016


A lot of chop over the weekend inside this range that looks like a triangle.

MACD's suggest we turn back up but they might be just for a lower high then the prior 2.5 area high.

If I had to guess on what the market will do today (and let's face, that what I always do... "guess", but based on a lot of technical analysis, wave counts, FP's, numerology codes, historical patterns, and bullish/bearish sentiment out there in the public) I'd say today will be choppy inside that triangle from about 2047.50 to 2057.50 (meaning it's likely to be a consolation day before another move up tomorrow).

So I'm not going to type another chapter here today like I do most of the time.  Just a summery that tells me that today will be a choppy day that's not worth trading.  I'm looking for a slow grind up over the next few days into that 2080 zone where I expect it to pierce above it or fall short of it and then we should rollover again for the next move down.

Author: Red

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