Friday, May 24, 2024

ES Morning Update August 15th 2019

The market is getting wilder and wilder it seems as moves up and day are crazy, swinging from 500 points up to 800 points down in just the last 2 days. Something is certainly not right behind the scenes. I'm not sure what to think at this point. Afterhours the market fell a little more but has since bounced back up as I write this update. So it's looking a bottom of some kind might happen today. But I don't think "the bottom" is in yet as I suspect the 277.37 afterhours low from 8/5 on the SPY will be tested at some point in the near future.

So any bounces here, no matter how fast and scary, is likely to be sold again. As far as today, I don't have any forecasts for where the market might go. There are two "possible" FP's at 292.55 and 292.46, which the first one is from the premarket session yesterday and the second one is from afterhours yesterday. Both look like late fills to me from the prior day, so I'm not too much into believing they are real, but the market does tend to revisit prior levels, so a rally back up to that level in the coming days would not shock me. Good Luck as always.

Author: Red

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