Friday, July 19, 2024

ES Morning Update April 2nd 2019

Futures are flat this morning, which is normal after such a large move up. And most days after such a large move are consolidation days, where the market just chops sideways with very little up or down movement. At this point I'd have to think that the bulls want that even number level of 2900 next, but usually even number level aren't reached on the first attempt. They tend to get close to them but fall shy somewhere in the 70-90 zone. Then they pullback a little and repeat the process several times until they have shaken out the bulls and lured in enough bears to squeeze up to that level... which is then commonly pierced through by 10-20 points. Will they do the same this time around too? Only time will tell I guess.

For trades I just don't see one as there needs to be some kind of up and down action happen before the technicals can work properly. Plus counting waves here isn't much help either as while most likely yesterdays move up was a wave 3 of some degree it's still unknown if it has ended or not? So today is just a day to watch I guess as while I think we are close to a top and pullback it might not happen until tomorrow or later in the week. I think the bulls are just going to hold their ground today and let the bears burn time on their put options. It's looking like a boring day so far. Best of luck.

P.S.  I just went back to look at a prior post I did on March 27th and on the chart I have us in a C wave up of a B wave.  That seemed to have played out yesterday, so maybe just have some brain fog this morning since I haven't had my coffee yet?

ES Morning Update March 27th 2019

Author: Red

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