Wednesday, June 12, 2024

ES Morning Update August 12th 2016

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Every day I have to come up with something new and interesting to say about the market, which right now is kind of like the weather man in some very hot mid-west city or state that hasn't seen rain in over a month.  Each day is the same... hot, temperatures in the high 90's to low 100's, no clouds in the sky, and zero chance of rain.  Yep, that report is pretty much the same for the stock market each day as it stays up in very overbought territory with no chance of rain in sight.  Temperature could continue for another month with a small chance of a rise up (to the 230 SPY FP maybe?) into the high 100's.  No clouds in sight again today, as it seems that when a cloud does form some grey haired older woman in a helicopter flys into it and makes it disappear.  She tosses something into the cloud (looks like money, but can't be sure) and it goes away preventing any rain from happening.  She saves the day from us sheep getting wet... how nice of her!

Ok guys, it's Friday... TGIF!  The futures have inched up over the horizontal trading range yesterday, which was about 2175.  This morning they hit 2184 and seem to be pulling back a little right now.  When they pulled back yesterday they found support at the prior horizontal resistance level, so if they do that again today they should stop around 2175 or so.  Pattern-wise it looks like a "cup and handle", and of course the month long sideways trading is a bull flag.  But considering how overbought it is I'd be surprised to see any fast move up.  Instead it looks like more grind again today.  So maybe it's best to stay indoors with the AC on as this heat wave looks like it will continue for the rest of the day..  Next week normally another hot week, so little to no rain is expected.  Fear not though dear sheep, as if a rain cloud shows up I'm sure that grey haired old woman will show up and save the day again.

Red
Author: Red

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