Wednesday, June 12, 2024

ES Morning Update May 21st 2024

Another nothing day on Monday as the market continues to "base" to setup the next big move, which at this point it could be in either direction. This is the worst pattern for the bears as the bulls get a rest and that opens the doors for another breakout higher, not breakdown lower.

While a pullback is much needed that doesn't mean it's going to happen. Technicals on the daily chart are still bullish and NOT overbought yet. Yes, they don't have to get fully overbought before we pullback, but it does keep the door open for more upside.

The longer we go sideways the less the odds are for the bears, and the higher the odds for the bulls. I really just don't know which way this market is going to break, so this is really just a full gamble to take a short or long as it's 50/50 now I think. I don't have anything else to add. Just have to wait and see as sideways movement is impossible to trade.

Have a blessed day.

Author: Red

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