ES Morning Update July 27th 2022

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A little bit of a pullback yesterday but 3900 held, and actually the focus seemed to be around the 3920 level, which is the 50 SMA on the Daily Chart and 200 SMA on this 6 hour chart. Overall the move down is normal and likely still part of a wave 4, which is also making a bull flag pattern.

Today the Fed talk at 2pm EST at the FOMC meeting. Nothing is expected to be a surprise as they have already told the market they will be raising interest rates again. Assuming they don't surprise us the market should just continue on with its' technical determining where it should go. In this case I do expect more on the upside into this Friday after the possible wild swings calm down when the market reacts to whatever is said at the meeting.

It's still a slow summer with moves up and down just taking their sweet time as we stair step upward into a likely mid-August or September high. I still think we are on track for that to happen and that the last pullback of any large amount will be the one into early October or late September. Again, nothing much to say today about the short term as we wait on the Fed. Have a blessed day.

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