ES Morning Update May 3rd 2021


Looks like the low was put in last Friday. I was thinking it might happen today or tomorrow but that's not likely now. It appears they want one more new high, which would be a stop run on the bears short I guess. This market is still showing signs of exhaustion, so after this new high today and/or into tomorrow I'm looking for a pullback of at least 3-4%, if not a deeper correction.

But, I don't think the crash is possible yet. There's just not a proper setup.  Too many people looking for one.  The market is tired but not at a point of capitulation yet. That could be another few months, I just don't know? Today and tomorrow are likely the two most bullish days, so a new all time high or not the rest of the week we should see a pullback start. Have a blessed day.

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