Saturday, June 15, 2024

ES Morning Update January 16th 2018

I hope everyone enjoyed the long weekend.  I know I didn't do much as there's snow on the ground and going out was kept to a minimum.  The roads were clear where I live but I still decided to stay in and be a hermit the last few days.  Looking at the market this morning we see yet another strong rally up before the open.  The bulls have been kicking the bears in teeth over and over again, but nothing last forever.  There will be a time soon when the bears get their chance... the "when" part is what's so tough to know.  Right now I see no weakness in the bulls so I'd expect this rally up this morning to hold and continue into tomorrow most likely.

At that point we might see some intraday pullback but shorting this pig is just to risky right now.  I need to see a few days of weakness before I'll be getting bearish.  There's just no sign of that yet.  There's no negative divergence either.  Yeah, all the charts are super overbought but that's nothing new to the bulls and it can stay overbought for a whole lot longer then anyone expects.  Anyway, I see no opportunities for today... just more sideways to up into the close.  Possibly by the end of this week we might see some weakness but I don't see anything today.

Author: Red

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