ES Morning Update July 29th 2021


The FED meeting was a non-event it seems as the market didn't do anything afterwards but chop around. However, the last several days of such chop has been making a nice bull flag and it looks like it's trying to push through and breakout right now. I still see higher prices as the 4hr chart has more room to go before getting overbought. Maybe by the time we hit that rising green trendline of resistance (around 4460 now but rising of course) it will be overbought enough to produce another move down... don't know yet?

We'll have to wait until we get there to find out. If the bulls manage to get through it then we could see a fast move up to 4500+ I think, as all the bears see that same resistance area that I do and they will have stops above there that can be hit to cause a squeeze. Anyway, that's all I see for now. I'll keep this update short and end it here. Have a blessed day.

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