ES Morning Update May 3rd 2022


One more day to go before the Fed saves the day or lets the market crash. Yesterday was certainly a wild one but today could be just as crazy. The 4101 low was taken out and recovered into the close. But the door is still open for another flush lower and that's what I think is going to happen.

The big ol' even number of 4000 is just begging to be pierced I think as it will just have the bears piling in short looking for 3600-3700 next. But again, I just don't think that's going to happen. We've had a correction for 4+ months now and that's more then enough time I think to put a bottom in today or tomorrow and end this multi-month correction. In my opinion today is the best time to start looking for longs as after the Fed speak tomorrow I think we'll have bottomed and will start a multi-month rally that puts in new highs pretty quickly.

For today I'm just looking for another lower low to happen and that should be about it for the downside. It may or may not break the 4000 level, I don't know? But I'd at least like to see the 4056 low taken out. Give me that today or even tomorrow, but preferably today and it's a long I think. Nothing more to add. Have a bless day, and good luck.

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