Tuesday, May 21, 2024

ES Morning Update April 23rd 2024

We didn't get that last drop yesterday as the market was too oversold short term it seems. A nice bounce happened instead, which could last one more day I think, but it's close to over with. It's a wave 4 up I believe, and here's a chart I posted in the chatroom yesterday showing it. Afterwards we did go up and pierce through the falling white trendline but the market couldn't hold it and closed below it yesterday.

Now that was the 2hr chart, which was getting extending yesterday for sure, so there's limited upside on it. But the 6hr chart says we can go a little higher on it before we top out for the wave 4 up. Whether that happens or not the market is still missing the last move down to hit the FP on the SPY, and I'll be looking to exit my short there and go long. Nothing more to really add. I'm just being patience.

Have a blessed day.

Red
Author: Red

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geccko 23
geccko 23
27 days ago

The SP 500 bounced up to its other key resistance at the 50day ema which also provided key resistance during another historic time. It barely missed tagging another key indicator. The Dow and the $nya have surpassed those targets while the Nasdaq is lagging the most in this rally.

I would guess that $nymo has hit the zero line or surpassed it.

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