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ES Morning Update February 21st, 2017

Tuesday, February 21, 2017 6:31
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Good Tuesday morning to everyone.  I hope all enjoyed the long weekend.  This morning I’m once again looking at the 6 hour chart for clues and I have to say that today looks very similar to the topping period on 12/13 to 12/14 in 2016… which is what we have be expecting to happen with that final move up before a decent pullback.  If this pattern repeats we’ll chop sideways all day today and start the pullback tomorrow.  And if it does a similar point drop it should pierce through the recent low of 2336.50 from last Friday just as the 12/14 drop pierced through the 12/12 low back then.

Overall this market is still bullish but a much needed pullback is long overdue now.  We still have two FP’s on the SPY showing lower targets but again, we don’t know the “when” part as to the date they plan to hit them.  This pullback could end in the 2330-2335 area and then continue on up into March toward 2400 or more for all I know?  But with the VIX rallying up last week while the futures were making new all time highs that’s got to tell you something is coming soon to drop this market a little.  Anyway, it’s probably going to be another light volume day so there’s not much to say on this first trading day back for this week… so I’ll end this update here and see what develops later today and tomorrow.


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