Sunday, May 26, 2024

ES Morning Update March 21st 2024

We got the rally yesterday that I was expecting. We are close to my FET of 5334 on the ES, which ideally hits tomorrow, or Monday. It's a window of time for the turn date, so it could be tomorrow or Monday. For today I'd like to see some sideways chop to make a bull flag that leaves Friday for the move up to my target, and likely above it some. But if it hits today then I'll likely take my short and just hold through Friday and Monday where it "could" go a little higher. It's not a perfect system so there's always a little wiggle room as trying to nail the exact date for any top or bottom is always a best guess.

Last month I got this email about the The 1001 Nights of Ali Baba's Investments, which I thought was very interesting. Here's that post...

Introduction

Once upon a time, in a faraway land, there lived a poor woodcutter named Ali Baba. Despite his financial struggles, he always remained optimistic and hardworking, hoping for a better future.

One day, while working in the forest, Ali Baba stumbled upon a hidden treasure in a secret cave. The treasure belonged to a group of forty thieves, and Ali Baba decided to take some of the treasure for himself. However, when the thieves discovered that someone had taken their treasure, they began to search for the culprit.

Ali Baba managed to escape the wrath of the thieves, but he knew he had to be careful. He decided to use his newfound wealth to invest in the stock market, hoping to grow his fortune and secure his future.

For the next 1000 trading days or nights, Ali Baba watched his investments grow steadily. However, as the 1001st day approached, he began to feel uneasy. He had heard from a wise old sage that after 1000 trading days or nights, there was a possible downturn in the stock market.

Ali Baba didn't know what to do. He didn't want to lose all his hard-earned money, but he didn't want to miss out on any potential gains either. Finally, he decided to take a measured approach and sell some of his stocks to lock in his profits while keeping the rest invested for the long term.

As it turned out, the sage's prediction was true, and the stock market did experience a downturn. However, Ali Baba's careful planning and foresight paid off, and he was able to weather the storm without suffering any major losses.

From that day forward, Ali Baba continued to invest wisely and grow his wealth, all while keeping an eye out for any potential risks or challenges that might come his way.

(Original post here: The 1001 Nights of Ali Baba's Investments)

So I decided to do a little research on this.  What I found interesting is a 1000 days might have some value.  I went back to the 2020 crash, which was March 23rd in 2020, and then decided to add 1000 trading days.

Guess what that points to?  You guess it... March 22nd, 2024.  How funny is that?  Check it out yourself at the link below.

https://www.timeanddate.com/date/weekdayadd.html?d1=23&m1=03&y1=2020&

Lastly, the SPX cash has an FET of 5296.44, which is about 5350-5360 on the ES futures.  We could fall shy on the cash but if we base (or grind higher) today we could reach that level by tomorrow, or Sunday/Monday.

Have a blessed day.

Red
Author: Red

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