Wednesday, June 12, 2024

ES Morning Update May 17th 2024

A "pause" day yesterday as the bulls finally took a breather.  Still no damage to the bull case.  Bears MUST have a large down day to break support if there's going to be a real correction start.  Nothing really to say until this happens.  A sideways move for several days will be a bull flag, which bears don't want to see.

I don't expect much today as it's OPEX, but next week will be super important for the bears.  They need to start breaking support, and fast.  The week after will have Memorial Day on Monday the 27th, so the market will be closed.  Around that period would be when I'd expect to see the low come in for the correction.  Either before it or after it, but I lean toward after it.

Why?  Because of the common pattern for the market to have "turns" around holidays.  Many times I've seen sell offs happen into them and complete shortly after them.  There seems to be some bad news event released over those 3 days that just happen to come out, and that's is usually the "capitulation" move to finish it all.  Will it happen this time too?  I don't know but it's something to keep in mind if we do indeed get a move down started next week.

Have a great weekend.

Red
Author: Red

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Geccko23
Geccko23
26 days ago

I couldn’t post my elaborate message. I’ll have to text it.(or parts of it) Something must be going down ala XXXX

Geccko23
Geccko23
26 days ago
Reply to  Geccko23

This went through fine.

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