Sunday, May 26, 2024

ES Morning Update March 10th 2020

Was that "it" yesterday? Is the bottom "in" for awhile? Time will tell but with the futures set to open up almost a 100 points off the low there's a decent chance we'll rally for awhile now. How long is anyone's guess but a week isn't asking too much I think. Here's the key though, the bulls need to get past the 3000 area on the SPX in the next few days or risk another drop to around 2627, but if they get up high enough that lower target gets killed.

Of course that doesn't mean a new downside target can't come into play after the rally exhausts itself at some higher level, as that's possible too. The only way to stop it to put in a new all time high, and that doesn't look likely anytime soon. Nothing much else here to add, as it looks like a bounce that's going to last at few days and won't hit too much resistance until that 3000 area. Next would be the prior double tops around 3130 or so, which the bulls could trigger a stop run on the bears if they take that out as I'm sure there's a ton of shorts that placed stopped just above that level. Good luck as always and may God be with you.

Red
Author: Red

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