Friday, July 19, 2024

ES Morning Update May 24th 2017

Not much to add that wasn't said yesterday or Monday.  I'm still looking for a small pullback before ripping through 2400 but it's certainly not listening to me as the word "pullback" seem to be a word the market doesn't understand.  I would find it odd to pullback later in the week because Monday is closed for Memorial Day, so with a long 3 day weekend you'd think they would keep the market up?  That's what they used too do all the time to trick the sheep into thinking everything is "ok" and that they should go spend all the money they don't have on products they don't need to keep the retail stores in business.  Maybe this time we'll hold this area (or push through it?) and then do the pullback on Friday, but not a big one.  Just a small one to "not scare" the sheep from spending over the weekend.

On another note, I have to say that the market over the last few years has changed a lot, as it used too move in waves that were countable but now it's like there's just one long wave straight up, then sideways chop for a month or so, a quick flash crash drop (maybe not always a limit down move, but a good drop), and then another one long wave rally back up... then rinse and repeat.  Anyway, if we pullback today then I'd look for support between that 2380 area and 2387... which is a big range, but let's face it... any pullback will feel like a bear victory at this point.  Upside resistance is the same as it has been for awhile now, which is the 2400 level up to the recent all time high.

Author: Red

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