Thursday, October 17, 2024

ES Morning Update July 12th 2024

We finally started a pullback, so now we wait and watch for the charts to get reset, which I don't think they will get fully oversold on the daily chart, and certainly not the weekly. The monthly is still super bullish so this pullback might last into early August to allow the extremely overbought weekly and daily charts to cool off, but after this pullback I think we rally hard for many more months.

How deep we pullback will decide how high we go and how long it last, so if it's just a mild pullback then we could top out faster but if it's a deep enough pullback then we could rally into the end of the year. Guessing the price on this is next to impossible, but there are some obviously targets based on support levels. The rising green trendline is the first one, and there's no point even looking at the lower one's until we see what happen in the next few weeks first. Here's a chart I posted in the chatroom yesterday.

This is the most bullish outlook with the smallest pullback and of course I'll have to adjust as time goes forward. Just keep in mind that the monthly chart is super bullish right now and the volume confirms it, so don't get crazy bearish if we get a deep pulllback.

Have a great weekend.

Red
Author: Red

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Geccko23
Geccko23
3 months ago

When England wins the Euro Cup tomorrow with the Wimbledon final, we’ll get The Our Kind of Traitor banking shakedown meltdown midweek.(We had 2 Our Kind of Traitor Euro Cup matchups this Euro Cup. First,the Scottish Ewen McGregor movie version, Scotland vs. Switzerland followed by the traditional England vs.Switzerland matchup where the British establishment once again wins.)The markets will probably go sideways for the first couple of days. We should still see a new high in the markets later probably around my birthday.

7-19 presents some possibilities. The Twisters movie comes out and it could be doing some market foreshadowing. 7-19 is 3 months from the 4-19 low so it could be a high (if the midweek drop is mild) or a low.

Last week was 666 weeks from the 10-04-2011 low and we are approaching 93 weeks from the 10-13-2022 low. There has been a 93 week rally in recent past.

Mars will be opposed to Pluto with a full moon after the Twisters movie comes out so I don’t know how that will play out.

Geccko23
Geccko23
3 months ago
Reply to  Geccko23

There is some similarity to the Nasdaq weekly chart from early March 2000. The $ndx weekly has a 78 RSI reading. That RSI needs to be weakened. We might get a couple of more divergent highs later.

Geccko23
Geccko23
3 months ago
Reply to  Red

Thank you. I’ll be the important 55. 55 days from my bday?

Geccko23
Geccko23
3 months ago
Reply to  Geccko23

I wrote back when Trump was “convicted” that his sentencing date would be occurring just when things would be getting turbulent in early mid July. The 12th/13th was when Venus opposed Pluto in it’s new home of Aquarius. That is a nasty marker in certain times. It preceded waterfall drops. It happens all the time but Jupiter is now in its position back in XXX. They have since moved his sentencing date back to another interesting time.

It’s pretty apparent now that Biden won’t win the election. Election years can be dangerous when the incumbent doesn’t win re-election or as in 1974 is forced to resign. Or when the incumbent can no longer run.

What will the upcoming Mars Pluto opposition bring if this is what the Venus Pluto opposition produced?

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