ES Morning Update March 29th 2023

A whole lot of nothing yesterday as the bulls and bears both seem to have been asleep. Neither one gained or lost any ground as the market dipped small early on and floated back up into the close. Probably more of the same today but I tend to lean more toward the upside first this time around.

Not sure if we go back down into the close though as we might grind up all day, but small if we do. Meaning that I don’t think we take out that 4030-4035 overhead resistance (ES) which we are already at this morning before the open.  At some point I do think it gets taken out but that might not happen until Thursday, Friday or even early next week.

But if it gets taken out today I’d expect to see it retraced back down on  Thursday or Friday to retest the 4000 zone again. This is a grindfest between the bulls and bears right now and neither seems to have enough energy to push the market up or down very far.

The daily chart of the ES looks bullish to me and is trying to go up, but again, there just doesn’t seem to be any interest by the bulls or bears in this zone. Neither wants to go long it or short it, so it stagnates and chops around until one side or the other takes the ball and runs hard with it. I think it will be the bulls but we might not see that breakout move until next week. For today, again, I don’t see much. I’m leaning bullish the first half (which it happening now) and bearish the last half of the day. Have a blessed day.