ES Morning Update October 9th 2020


The futures are up again this morning as the grind continues. It's enough above those prior highs on 9/9, 9/10, and 9/21 to have taken out the stops I think... at least the majority of them. The job now, that SkyNet needs to do, is to get everyone back to bullish again.

Holding this market up into the close today, and maybe grinding up some more, so do it I think. Then you can release some bad news over the week and gap it down to trap all the new bulls and not allow the bears in at the top. That's just a guess on my part as I don't know what the plan is for sure but that is one that I've seen before in the past that tricks traders.

Cycle wise the market should put in a low next week sometime and make the final rally up into the election, and possibly a little while afterwards. But if this rally continues too much longer we'll hit 3600 by the end of next week... which then would have me worried about that possibly False Flag event really happening on October 19th that George Webb spoke of in a video that got taken down off youtube.

It's never easy to figure out for sure where the market is going for certain. We can only work with the information we have and try our best to forecast it's next move. All that information still points to a low next week (the medium wave 2 down) and a finally rally into November, with the election date being critical of course as it could mark the top.

Some see late November as the top and then a Black Swan event to start the crash. This is still possible and does make more sense from a point of view that would trick the most traders. I think everyone is looking for a big event around the election date and usually when everyone see's the same thing it rarely works. And since most monthly options expiration weeks are bullish (next week) going down would fool some people.

And rallying up into the election would fool them too as the down move next week could look like the start of some big C wave down. And of course a top around the election but no big fireworks afterwards (like sideways chop for several weeks) would also fool a lot of people. This market is all about taking traders money, and that requires the bulk of them to be wrong on their forecasts. It's will do everything to shake you out and trick you before the move happens that you were looking for (which is a pullback currently for medium wave 2 down).

I think we are close now to the top of this move up from the recent 9/24 low. Whether it ends today and gaps down on Monday, or gaps up on Monday and then tanks, I don't know. But the closer we get to 3500, and the all time high, the more traders will start getting bullish and expecting those levels to get hit. That's about the time the rug gets pulled and the market rolls over. Have a great weekend.


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