ES Morning Update May 25th 2018

Not much to add this morning that hasn’t already been covered this week. I see bullish pattern but bearish wave counts, and not much clues from the technical side of things. We could go either direction today so I won’t bother to even guess as odds are 50/50 in my opinion. Next Monday is Memorial day and the markets will be closed. So if “they” want to surprise us with some news event to tank the market this weekend would be ideal. But gambling on such event to me is just that… gambling. So unless I see something clear by the close today to give me the next direction (not likely) I’ll just go flat into the weekend with no position short or long.

The only clue I have is a “possible” FP on the VIX from 5/4 showing a low of 10.91, which if hit the SPX/SPY could be at a double top area from 3/12 I’d think… but even if it didn’t reach that high it should most certainly close that 2755 gap on the ES Futures. Regardless of whether that FP is real or not I don’t see it hit today and will still be waiting until next week before thinking of any positions short or long. I do think a nice drop is coming but it shouldn’t be today. We should stay range-bound between 2740 on the high side and 2700 on the low side.  I think they will save any big moves for next week. Anyway, have a great 3 day weekend and happy holidays to you.