Brief Note on $ES

I have nothing notable to add to the thoughts expressed in yesterday’s post. I think conditions here should, at least in principle, support the market. Exactly when large buyers will step in, or when sellers are finally exhausted has been difficult for me to estimate. If we do see more weakness in the short-term, the volume node below us in the range depicted in the chart below should be a good spot, unless there actually is so much panic that we actually are in a crash that I have not foreseen. I don’t think that is the case, but my thesis here still remains to be proved.

As things stand right as I post this, the S&P and the Naz both remain in their bull flags, right at their lower trend lines now. If the market can get a bid that lasts more than a few hours, we should see a tremendous short squeeze develop. I hope the CPI can act as a catalyst for that.


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