Friday, May 24, 2024

ES Morning Update January 10th 2020

The futures are up a little this morning, which is expected with the DOW so close to 29,000 that you know they will want to hit it. I doubt if much esle happens today. It's probably going to be a boring one. Monday though could pullback some, but I don't see anything big on the downside starting until after next Wednesday as the earliest. They (the market makers) will keep the market from dropping hard until after the monthly expiration, and that's Wednesday morning for the VIX and Friday for the SPX.

I do think a big drop is coming, which might look similar to the late January to early February 2018 move down. But, I think it will just be a large 4 wave down of some degree and then we start a strong rally back up into the spring/summer for another new all time. We are clearly in a blow off top mode with the Feds pumping as much money as needed to keep this pig going up. So I'll be on the lookout for DOW 30,000 or more as this thing isn't going to die anytime soon. Have a great weekend.

Author: Red

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