Saturday, July 20, 2024

ES Morning Update September 28th 2018

This morning I want to look that the SPY 2 hour chart, which suggests a rally is coming soon. The MACD's are around the zero area and merging close together as well. The futures this morning are down some as they retested yesterdays low and bounced back up some from it. From looking at both I think we'll open this morning and find an early bottom and start a rally back up afterwards and close green. I suspect this rally will continue into early next week where I expect the market to top out by Tuesday or Wednesday.

When this top happens I'm expecting a nasty drop that should be labeled just a correction but I won't rule out a crash. I'm saying that only because of the political drama going on around Trump (and few other similarities it has with 1987), as the Democrats would love to see the Republicans lose control during the midterm elections and a crash to blame it on Trump would be a great start for them. I give the crash low odds but the correction I give high odds. Anyway, I'll keep today short as I've already said I'm expecting a bounce today with a green close. Have a great weekend.

Author: Red

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