Saturday, July 13, 2024

ES Morning Update June 21st 2024

Finally... a pullback. But we failed to hit the FET at 5618, so I'm very leary of this move as I really think they will hit the FET before we get a deeper pullback. If it doesn't happen today then I'll still be looking for it to hit next week. Keep in mind that today is OPEX so I would not expect a whole lot to happen. They tend to "pin" the market at some level for max pain on options, so we could go sideways today.

Next week is bearish from a Seasonality point of view so the bulls will have that going against them, and very overbought charts. So the bulls will not want to give up much ground today if they plan on doing that last move up to the FET next week, which could happen in the Sunday futures or Monday open? I'll end it here as I don't have anything else to add.

Have a great weekend.

Red
Author: Red

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