ES Morning Update November 18th 2024
The pullback should be just about over with now as it gets very close to the fake print on the SPY of 483, which I wasn’t sure or not if it was real, but now I know it was. Once Small Wave 4 ends we’ll see Small Wave 5 up take the market up to my Fibonacci Extension Target (FET) of 6435 (hopefully), which should be the final top before a really big drop happens.
My focus though won’t be on that FET but the FP on NVDA of 160.22, as when that level is hit the ES should top out too, and ironically it should be around the FET as well. The “when” part is unknown of course but since we have earnings out this Wednesday for NVDA we have the perfect setup for that report to be used to get a big squeeze going for the final move up. Next week we have the market closed on Thursday for Thanksgiving and open a half day on Friday, so volume should dry up during that period and of course light volume always favors the bulls.
That’s where would “could” see the market top out at as we go into December, which is normally a bullish month. But if this scenario plays out like this we could see December look a lot like 2018 did. Of course we could take a little longer and take until the end of the first week of December to top out but the rally should start after earnings on NVDA this week as it’s a huge part of the weight of the market and can lift it all quite easily. As for the short term I’m looking for some chop around this current low area to setup the squeeze later this week.
Have a blessed day.
Source: http://reddragonleo.com/2024/11/18/es-morning-update-november-18th-2024/
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