ES Morning Update November 14th 2024
The CPI was a dud yesterday as the market continues to stay in a tight range, but above support from a rising white trendline. It’s building out a bull flag and at some point soon we should see a breakout (or breakdown?), which could happen today or tomorrow, but it’s close now.
It’s setting up next week for the squeeze to happen, which could be the plan as this Friday is the monthly OPEX and sometimes the market likes to chop around to make as many puts and calls expire worthless as possible. It doesn’t have to last all of Friday as sometimes the market makers get max pain over with by Thursday or Friday morning of any OPEX month, so the chop does not have to continue right into the close of the week.
We could see the breakout start Friday and the biggest move happen next week. I still think we will see the FET hit before this market tops out. I don’t know the “when” part but it could be right into the end of this month. Time is running out for this bull run though as the daily chart doesn’t have much left before it gets overbought.
I do think that it’s coming over the next 2 weeks, but that’s just a best guess. It seems like a lot to rally 400 points in 2 weeks but we seen 300 points up a week ago, so it’s very possible. Don’t forget the the last week of the month will have super light volume as the market will be closed on Thursday the 28th for Thanksgiving and open only half the day on Friday the 29th.
They can easily float the market up during that whole week as there won’t be anyone around to push it down. The high will be put in on the market when NVDA hits the FP of 160.22, which could be hit in the next 2 weeks if they really want to squeeze the market higher. They took it from 132.11 to 149.77 from 11/1 to 11/12, so they can do it again easily if they want to. And with them coming out with earnings next Wednesday, November the 20th I have to think they will make sure it’s good so they can get it higher.
Have a blessed day.
Source: http://reddragonleo.com/2024/11/14/es-morning-update-november-14th-2024/
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