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.

ES


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


Leave a Reply

Your email address will not be published. Required fields are marked *