Tuesday, June 25, 2024

ES Morning Update September 14th 2018

I did not take a short yesterday as noted in the chatroom. This morning we see futures up slightly and are basically at a double top level from 8/29. This 6 hour chart shows the MACD's still rising but they are putting in a negative divergence so odds point to a pullback soon. However, we all know that the upside FP on the SPY is the upside target before this market really dumps hard, so if we get any pullbacks before it's hit I'd have to think they will continue to buy them back up.

They could certainly just keep on grinding up today to reach that FP by the close if they get a squeeze going, or maybe early next week. It's just a waiting game for know. I don't planning on doing anything today as it's Friday and I don't think they will hit the FP today. Since this is the first time up at this double top odds say it won't get through it on this attempt. But Monday or Tuesday they could juice the futures and gap up over it to run for the FP where a top should be at. Anyway, I'll end this update here as there's not much more to add. Have a great weekend.

Author: Red

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