ES Morning Update May 2nd 2023
We got the small move up I was looking for, which allowed me to add some shorts. Today could go either way as volume should be light as traders wait on the FOMC tomorrow. The short term charts are bearish and suggest we go down into the meeting and pop up after it, only to fail to hold it and drop again into Friday.
Basically an ABC pullback with the move down from yesterdays high being the A wave and any move up after the FOMC being the B wave. Then C down the rest of the week. I still don’t think it’s going to be huge as the bigger picture is still bullish, so this is just some back and forth swings that are expected this month until there’s enough shorts onboard to get a huge squeeze up to 4300 going in June. Here’s a chart I posted in the chatroom yesterday.
Not much to add today. Again, the “norm” is to float down slowly in front of the meeting and then do some wild swings up and down afterwards. Have a blessed day.
Source: https://reddragonleo.com/2023/05/02/es-morning-update-may-2nd-2023/
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