ES Morning Update August 16th 2024
Yesterday surprised with another big squeeze. I was really thinking that it wouldn’t go very much into the low 5500′s but it just kept going. It’s looks, acts and feels like it wants a new all time high but that’s exactly when it fails. I’ve been here before too many times thinking exactly this but then out of nowhere a surprise pullback happens.
And I’m sure the pullback will be met with buying by bulls that missed the long, which then means the pullback must be deeper to shake them out. I don’t see any bears left at this point as this squeeze was brutal. I remain bearish her short term… meaning into early next week. And bullish medium term… meaning into the end of this month. And lastly I am very bearish for the month of September and October. As for today, it’s OPEX, so it I wouldn’t expect much downside. Usually it’s a flat to slightly bullish day.
Have a great weekend.
Source: http://reddragonleo.com/2024/08/16/es-morning-update-august-16th-2024/
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