ES Morning Update November 18th 2021

Still in a holding pattern it seems. If you watched Peter’s video yesterday then you know we have still have one more push higher to his target range of 4731-4741 (SPX) still left to go before this market rolls over. It’s just a better short entry to me as I still firmly believe this market is going down hard into December. It’s on thin air right now and has the feel of the February 2020 period where it did a similar pattern before tanking.

Again, I’m not looking for another move like that in percentage terms, as I’m only looking for about 20% or so, which is just a little more then half the percentage drop back then. However, in points it will be much closer of course as we are at a much higher level right now. My target is into the 3700′s to revisit where the market closed at last year and/or open at in 2021. Maybe it only gets to 3800 or 3900, but below 4000 is still very much expected. Nothing move to add so I’ll keep this post short and end it here. Have a blessed day.