Tuesday, June 25, 2024

ES Morning Update April 3rd 2019

Futures up again this morning with yesterdays flat open looking like a consolidation day now. Gap after gap they keep pounding on the bears. They are so close now to the 2900 level that I'm sure most are thinking it's a "given" and that's usually when SkyNet pulls a fast one on them and does a pullback. It's not something I'm willing to bet on but it's common for the first attempt at an even number level to fall shy by 10-20 points, so if there's ever a day to trick the sheep and reverse back down some today would be a good one.

If I were SkyNet I'd go sideways early in the day and then drop it into the close to trap longs and make the bears miss it. Again, not something I'd bet on as clearly the bulls have the momentum here and could just keep on going up pushing through 2900 and running for the all time high, but too me that's exactly what I think most people will see as likely... which is why I think the opposite might happen.

As far as technicals there's not much to say... and wave counts still suggest this is some kind of C wave up and one that's subdivided into 5 smaller waves, which now suggest yesterdays sideways action was a wave 4 and this morning we should be in a wave 5 up. Of course it might subdivide into smaller waves too, which would be needed I think if they plan on taking out the all time high on this push up. A better plan would be to pullback today in my humble opinion and make another rally attempt later.

I don't really have anything else to add to this update. It's at one of those times where there's no much clear in the charts for the direction. It's been bullish now for awhile and I guess it will continue to be bullish until it's not. We should be close now to a pullback but "close" could be another rally up tomorrow, and/or the next day. So I sit waiting... Happy Hump Day.

Author: Red

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