Saturday, July 13, 2024

ES Morning Update March 29th 2018

Ok gang, we had a very choppy day yesterday going basically nowhere. This morning I'm still not sure if the next rally is ready to start or not as it might wait until after the holidays to make it's move up. If we do rally today then the upper purple trendline from the falling channel would be the first resistance... which is pointing to the low 2640's right now. It's a tough call today as the charts really aren't aligned up perfectly in a bullish pattern, in fact they really look bearishly aligned. So the odds of a weak rally in the morning that rolls over into the close are still pretty good. If so, I'd just look at it as another great buying opportunity as I do expect another strong rally next week.

Now... will the next rally stick or not is hard to answer. The falling blue trendline that's pointing to the mid-2770's should be tough resistance on the next rally. It will be it's third hit and a failure to get through it there could certainly lead to a nasty move down that should take out the current low on that move. Of course if we get through it then we are off to new all time highs. It's a toss of coin at this point which will happen, so I won't even bother to speculated. I'll just tell you to have a happy Good Friday and Easter weekend and to remember that it's not about hunting eggs and a furry bunny. It's about Jesus Christ rising from the dead to forgive all us sinners... never forget that as too many holiday's have been so commercialized that people forget the true meaning of them. Happy Holiday's and God Bless.

Author: Red

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