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.
Source: http://reddragonleo.com/2024/07/12/es-morning-update-july-12th-2024/
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