ES Morning Update July 29th 2020


Yesterday into the close the bears finally closed the SPX below the light purple rising trendline, that has be supporting the bulls since the March 23rd low. Today is the key though as they need to continue that downward pressure or it will all be for nothing. If they can do again today then it should continue into Thursday with 3000's on track for a likely target.

The market is of course waiting on the Fed as they have always done every since they became the drug dealer give it crack stimulus, which started in 2009 with the first QE program. It's a pretty sad fact to know that without the Fed pumping money into the market it would likely be cut in half, or lower, but that's the world we live in now... love it or hate it, the fact still remains. So we wait some more the first half of the day I guess. I don't have anything more to add that wasn't covered in Monday's long update, so I'll keep this one short. Have a blessed day.