I’m looking for an early to midday top and then another move down later in the day or more likely on Tuesday. Hard too figure out the upside target as the futures are already up nicely and hitting resistance. Possibly they drop some early and then back up into midday to late in the day to put in that high I’m looking for.
It’s just more about watching the short term charts get overbought then it is a certain price level, as there are different levels of resistance that could stop the rally. However, from the looks of how strong the futures are now I would be surprised if they don’t attempt a gap fill or gap window high before rolling over again.
Downside target is just below the previous multi-bottoming zone of 2050-2040, so down as low as 2030 is possible to take out the bulls before they turn back up again. The next big rally though should put in a new high and make a run for 2200 into early May. This bull isn’t dead yet I’m afraid. Sorry bears…
Yeah… that’s a big “if” though. I seriously doubt if we see 1986 anytime soon. I’m expecting a bounce Monday and then another move down on Tuesday. I’m not looking for any lower then the 2030-2040 area to clear out all the bulls’ longs sitting right below that 2040-2050 multi-bottom zone. Then I think we’ll go up to new highs into the first half of May.
Odds of a higher high on Thursday are great. Could be just a penny or 10 points? Don’t know? But by then the short term charts “should” be overbought and allow the market to rollover… how much is the question?
The ES Futures did go up this morning as I posted yesterday that it was possible. Unfortunately (for the bears) the 60min, 2hr, and 4hr charts aren’t overbought from this move. This means they could push up all day on this triple (quad, or is this the 5th time?) top area. Since we all know that the more time the market hit a resistance/support level the more likely it is to break it.
This goes on for much longer on the bull side I’ve noticed then the bear side. Meaning the bulls will attempt to breakthrough 3,4, or 5 times before giving up. Of course if they fail to breakthrough this time around then the odds swing back to the bears as after 5 attempts with no success there’s rarely another attempt without a deeper pullback first.
I’m 50/50 here as I do not know which way it will go? I can only say that the short term charts are bullish for today and if they push through then I’d expect “buy stops” to be hit to squeeze out the bears. This could add 10 or points up from the breakout before exhausting the buy stops. That means 2110 could be hit on the ES Futures if this happens.
I have no bias either way today as it better to just let the market tell you what it wants to do. However, since a bear squeeze would hurt the most traders, and the fact that the Fed’s hate the bears, I’d bet on the bulls winning today as the market is still heavily rigged to favor them 80% of the time.
If the bears win then we should drop very nicely and stay down all day and into Thursday as we’d then have a lot of bulls trapped. The bears need to keep the market under Monday’s high. Failure to do so should lead to a bear squeeze.
I’m looking for an early to midday top and then another move down later in the day or more likely on Tuesday. Hard too figure out the upside target as the futures are already up nicely and hitting resistance. Possibly they drop some early and then back up into midday to late in the day to put in that high I’m looking for.
It’s just more about watching the short term charts get overbought then it is a certain price level, as there are different levels of resistance that could stop the rally. However, from the looks of how strong the futures are now I would be surprised if they don’t attempt a gap fill or gap window high before rolling over again.
Downside target is just below the previous multi-bottoming zone of 2050-2040, so down as low as 2030 is possible to take out the bulls before they turn back up again. The next big rally though should put in a new high and make a run for 2200 into early May. This bull isn’t dead yet I’m afraid. Sorry bears…
Yeah… that’s a big “if” though. I seriously doubt if we see 1986 anytime soon. I’m expecting a bounce Monday and then another move down on Tuesday. I’m not looking for any lower then the 2030-2040 area to clear out all the bulls’ longs sitting right below that 2040-2050 multi-bottom zone. Then I think we’ll go up to new highs into the first half of May.
we failed the 2086 … I see 1986 by 1st week of May.
Charts say we go down Friday, but don’t forget about the “manipulation” factor by SkyNet.
This pullback will likely be bought today. I wouldn’t put on my bear suit yet.
I think the market today is at the 24 level on the video: https://www.youtube.com/watch?v=YHv5jgXz9I8
Odds of a higher high on Thursday are great. Could be just a penny or 10 points? Don’t know? But by then the short term charts “should” be overbought and allow the market to rollover… how much is the question?
The ES Futures did go up this morning as I posted yesterday that it was possible. Unfortunately (for the bears) the 60min, 2hr, and 4hr charts aren’t overbought from this move. This means they could push up all day on this triple (quad, or is this the 5th time?) top area. Since we all know that the more time the market hit a resistance/support level the more likely it is to break it.
This goes on for much longer on the bull side I’ve noticed then the bear side. Meaning the bulls will attempt to breakthrough 3,4, or 5 times before giving up. Of course if they fail to breakthrough this time around then the odds swing back to the bears as after 5 attempts with no success there’s rarely another attempt without a deeper pullback first.
I’m 50/50 here as I do not know which way it will go? I can only say that the short term charts are bullish for today and if they push through then I’d expect “buy stops” to be hit to squeeze out the bears. This could add 10 or points up from the breakout before exhausting the buy stops. That means 2110 could be hit on the ES Futures if this happens.
I have no bias either way today as it better to just let the market tell you what it wants to do. However, since a bear squeeze would hurt the most traders, and the fact that the Fed’s hate the bears, I’d bet on the bulls winning today as the market is still heavily rigged to favor them 80% of the time.
If the bears win then we should drop very nicely and stay down all day and into Thursday as we’d then have a lot of bulls trapped. The bears need to keep the market under Monday’s high. Failure to do so should lead to a bear squeeze.
I think we are just waiting on the ES Futures to rollover on the 2hr and 4hr charts.
2086 is the line. if it fails then we are in for the 3-5% decline.