Friday, May 24, 2024

ES Morning Update May 3rd 2024

So far so good for my thoughts as discussed in yesterdays post. The market held support yesterday and went up nicely afterhours from the Apple earnings. This morning we have the jobs data coming out before the open and we've made a nice bull flag after the close just under resistance. If there's ever a time to push through and run the stops overhead it will be today.

Just rig the jobs number (they always do anyway) and we should push right through. I'd then look for my upside target zone (posted yesterday) to be hit, which will complete a 61.8% retrace. If that happens early today it's a short, and I think we could see complete reversal by the close as well. It should then start the drop to FP into early next week. Once it starts I don't expect too many bounces, if any?

The scarier it is the more powerful the squeeze back up from it... meaning we could see next week completely reverse the down move and put in a nice bottoming tail candle on the weekly chart. They should let anyone catch the coming down move to the FP after it starts. So I'll be looking to short it today if we reach the upside target zone, which is just a littel under 5200 on the ES basically.

Have a great weekend.

Red
Author: Red

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