Wednesday, June 12, 2024

ES Morning Update March 17th 2017

Futures seem to stuck now in a triangle and will probably stay inside the APEX of it all day today.  The downward sloping blue trendline is the resistance and the lower rising black trendline of the channel is the support.  I thought we might turn back up yesterday and hit the top trendline of the rising channel (before I added this new falling blue trendline) and then rollover today.  But that didn't happen as went down all day yesterday and hovered at the 2380 area of support.

So, let's keep it simple for today.  Since it's the monthly options expiration odds favor a range-bound day to pin the SPY where the most options expire worthless.  That's another reason to expect the futures (and the SPX cash and SPY) to stay in the APEX of the triangle not breaking through overhead resistance or losing support.  Triangle patterns are the most frustrating for both bulls and bears and naturally the favorite setup that SkyNet likes to use to keep every trader from making money.  That's all for today.  Have a great weekend everyone.

Author: Red

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