ES Morning Update April 26th 2023
Nice sell off yesterday. It went faster and deeper then I though it would this early in the week as I was really thinking we’d bottom around this Friday, but that’s how the market fools the most I guess.
I expect to see the low yesterday revisited today and then we should have the RSI oversold enough on the 6hr chart to allow a move back up… but only think it’s going to be a lower high, like maybe back to the closing area from Monday?
The daily chart is still quite bearish looking to me, so possibly we rally back up into the end of this week and chop into the FOMC next week? Or we do the chop sideways into Friday and rally up into next Wednesday? Either one is a possible scenario I guess, but it’s not a bounce I want to risk a long on. I’ll just be looking to re-short it as I’ll likely exit my current shorts today and just wait until after the meeting next week.
Overall nothing is has changed for the bigger picture as I still think we bottom mid-late May somewhere around 4000 where the rising light blue trendline is at. If it deeper, that’s great. I’ll be looking for the long setup then and a pierce through that support would just be a better entry for the long I’ll be looking to get.
For the short term though I think we put a bottom here soon in for this current drop from April 18th high as the short term charts are getting into oversold now so a multiday bounce is likely. Have a blessed day.
Source: https://reddragonleo.com/2023/04/26/es-morning-update-april-26th-2023/
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