Saturday, July 13, 2024

ES Morning Update July 2nd 2024

Still a lot of going nowhere yesterday as the market continues to chop. There's really nothing I can say that hasn't already been yesterday. I lean toward this Wednesday for the last push up, which is because it should be the lightest volume day, or Friday, which might be even lighter.

Once the Fibonacci Extension Target is hit I think we'll start a real pullback afterwards. But while I think it will be hit this week I could be wrong as they could wait until the CPI next Wednesday on the 11th to hit it and then start the pullback. Plus you have a Fed meeting that day too. Right now though we are in the "dog days of summer" where the market is boring and goes nowhere until some "event" sparks a big move, which should be aligned to overbought or oversold technicals. Patience is golden as the old saying goes.

Have a blessed day.

Author: Red

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