ES Morning Update May 6th 2022

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WOW! What a reversal yesterday. Today hard to tell as they threw out a FP yesterday morning which suggests a rally back up to hit it is coming soon. I don't know if that will be today or Monday though, but if we start rallying hard today then look out for another reversal of yesterday. Yeah, that sounds crazy but it's very possible.

Now if it happens today then I'd look for Monday to roll right back over and start a new leg down in the market... one that takes out the 4000 level. Clearly that's going to be hard to believe if we do another full retrace back up today as everyone will think a breakout (to the upside) is coming next week, but that's the big trick... don't fall it.

The market is shaking out bulls and bears both here before it picks the next trending direction, and everything tells me it's down, not up as I wanted so badly. What I want is not important to the market as it will do what it wants, not what I want. And the clues I've discussed in prior posts this week all point to a big down move. I'll keep this post short as again, I've covered everything in detail already. Have a great weekend.

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