ES Morning Update April 28th 2023

WOW… what a squeeze! I was looking for an up move yesterday but I wasn’t expecting it to be a straight up move. But I guess when the shorts are trapped the buying to cover is fast and furious.

At this point I have to think the majority of the move up is over, like 90-95% of it I think. Today is likely to be choppy, just some consolidation sideways to keep the bears trapped but NO breakout over 4200. Why? Because the bulls used up all the fuel yesterday with the squeeze and got the short term charts overbought.

And unless the big boys are buying (and I don’t think they are) this is nothing more then a short squeeze. Once it’s over, which it likely is, the market should go to sleep into the FOMC next week. That’s what I’m looking for over the next several days. Just more chop into the meeting to keep everyone guessing on the next move is what I’m expecting going forward.

Again, today should be choppy, just some small up’s and down’s that keep the bears trapped and lure in bulls looking for a breakout over 4200. That’s coming at some point, but I don’t see it right now. Nothing more to add here, so have a great weekend.