ES
Price tagged upper trend monday...
I highlighted last 2 times price went this overbought and tagged uppertrend.
The first tag was after the August sell off. We reached the uppertrend and chopped for 2 weeks before dumping
The second tag was mid Sept, we again chopped for 2 weeks but afterwards we bounced off the 20sma and grinded up another 2% or 90 points.
So here we are now the pullback has been miniscule compared to the run up so I'd say we are in a chop phase
So we either a chopped towards the 20sma around 5900 and bounce or
Money flow is starting to dip low on the hourly which leads me to believe we will reclaim the highs again this week
Be honest with you, I don't see a 10% drop coming till after the elections or by some unforseen catalyst.
NVDA earnings next week will have more of an impact on the indexes than CPI and PPI combined 😆
So my analysis is ,
Overbought
Not bearish
Seasonality strong..
Market will look for any reason (News) to buy dip.
Choppy (1% range) for another week
I highlighted last 2 times price went this overbought and tagged uppertrend.
The first tag was after the August sell off. We reached the uppertrend and chopped for 2 weeks before dumping
The second tag was mid Sept, we again chopped for 2 weeks but afterwards we bounced off the 20sma and grinded up another 2% or 90 points.
So here we are now the pullback has been miniscule compared to the run up so I'd say we are in a chop phase
So we either a chopped towards the 20sma around 5900 and bounce or
Money flow is starting to dip low on the hourly which leads me to believe we will reclaim the highs again this week
Be honest with you, I don't see a 10% drop coming till after the elections or by some unforseen catalyst.
NVDA earnings next week will have more of an impact on the indexes than CPI and PPI combined 😆 So my analysis is ,
Overbought
Not bearish
Seasonality strong..
Market will look for any reason (News) to buy dip.
Choppy (1% range) for another week
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