Read the story here. Advertise at Before It's News here.
Profile image
By Red Dragon leo (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

ES Morning Update December 5th 2023

% of readers think this story is Fact. Add your two cents.

More chop yesterday with a decent pullback, but support was recovered by the end of the day, so it’s just another trendless day basically. I do not know how long this is going to last, and I could be wrong on the very short term wave count.  Trying to figure out the Tiny Waves, Extra Tiny Waves and Super Extra Tiny Waves isn’t easy.

But I’m still bullish as this two week rangebound chop is way more likely to be setting up a huge breakout to the upside versus downside. The market is still bullishly aligned with the moving averages, so there’s no reason to be bearish on the bigger picture here.

Last year was the opposite as the market was below the moving averages, so it was bearishly align back then… not so today. So this short term stuff is just designed to trick and trap traders.  We could see a drop below the 4545-4550 horizontal support from this multi-week range just to hit the stops on the bulls.  Then a big squeeze follows.

I’m open to that and if it does then I might have to go back to my original thoughts of a Tiny Wave 2 pullback to 4500 before we breakout in a Tiny Wave 3 up.  Right now I have Tiny Wave 2 marked as ending on 11/9 with that fast intraday drop to 4354, but I could be wrong there.  If we drop below the 4545-4550 support level then I’ll very likely move Tiny Wave 2 down to that bottom, wherever it is.

For now though I’m just patiently waiting… nothing more to do at this point for me.  I’m not trying to day trade this as it’s just too hard.  I was looking for that pullback for the last 2 weeks and gave up, which is many when it shows up… LOL.  If it does, I’ll ride it out.  If it doesn’t, then I’ll be happy I stayed long.

There’s lots of time left until the FOMC meeting next week on the 13th, which might be what the market is waiting on?  If we go sideways into the meeting then you know something big will happen afterwards.

Have a blessed day.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.