Saturday, July 20, 2024

ES Morning Update June 18th 2024

The bulls didn't even pause at all yesterday, but went up steady all day. Not much to do here but watch and wait as my FET's are quite close now and could be hit any day now. We are very overbought on all time frames but again, the market can stay overbought longer then most can stay short.

I don't see any reason to even think about shorting right now as the market looks like it won't stop until it hits the upside FET of 5618.39, which reminds me a lot of the prior FET of 5334.39, and that one was hit on 4/1 with a high of 5333.50... but it got close on 3/22 at 5311.75, and then chopped for a week into the 1st.

Will that repeat again? It's very possible that we put in a top this week below the new FET, and then chop into the end of this month before we run up to 5618 or so on the 28th. That would frustrate a lot of bears and it would suck in a ton of bulls thinking the week plus chop was another bull flag that was going to breakout huge with another 200-300 point squeeze. But if it repeats the prior pattern it will just barely go higher to hit the FET and the rollover to start a real multi-week pullback.

Have a blessed day.

Red
Author: Red

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