ES Morning Update January 10th 2024

Down in the morning yesterday and back up to close the gap… but not really making any progress for the bulls or bears. This is typical before a big move, so nothing has changed as we still are carving out the wave 2 up and until we make a new high I will still be on this wave count.

Tomorrow we have the CPI number, which again has been used 2 other times in the past several years to produce “turns” in the market… will it do it a third time? It happened at the October 13th, 2022 low to “hit the stops” on the bulls before a big rally back up, and again on December 13th, 2022 to “hit the stops” on the bears that time… then the market dropped.

I do not know if they plan on doing it again as anything is possible, but I have to think that traders are expecting it now since it’s happened 2 other times. Since when does the market do something that everyone is expecting? Maybe it’s just me that remembers it but I doubt it. We shall see.

Have a blessed day.